(Mark One) | ||
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended June 30, 2018 | ||
Or | ||
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 47-1308512 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |
225 South Main Avenue Sioux Falls, South Dakota | 57104 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company o | Emerging growth company o |
• | “we,” “our,” “us” and our “company” refers to Great Western Bancorp, Inc., a Delaware corporation, and its consolidated subsidiaries; |
• | "our bank” refers to Great Western Bank, a South Dakota banking corporation; |
• | “NAB” refers to National Australia Bank Limited, an Australian public company that was our ultimate parent company prior to our initial public offering in October 2014 and, until July 31, 2015, was our principal stockholder; |
• | our “states” refers to the nine states (Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) in which we currently conduct our business; |
• | our “footprint” refers to the geographic markets within our states in which we currently conduct our business; |
• | "HF Financial" refers to HF Financial Corporation; and |
• | "FHLB" refers to Federal Home Loan Bank. |
• | current and future economic and market conditions in the United States generally or in our states in particular, including the rate of growth and employment levels; |
• | our ability to anticipate interest rate changes and manage interest rate risk; |
• | our ability to achieve loan and deposit growth; |
• | the relative strength or weakness of the commercial, agricultural and real estate markets where our borrowers are located, including without limitation related asset and market prices; |
• | declines in asset prices and the market prices for agricultural products or changes in governmental support programs for the agricultural sector; |
• | our ability to effectively execute our strategic plan and manage our growth; |
• | our ability to successfully manage our credit risk and the sufficiency of our allowance for loan and lease loss; |
• | our ability to develop and effectively use the quantitative models we rely upon in our business; |
• | our ability to effectively compete with other financial services companies and the effects of competition in the financial services industry on our business; |
• | operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cyber-security, technological changes, vendor problems, business interruption and fraud risks; |
• | fluctuations in the values of our assets and liabilities and off-balance sheet exposures; |
• | unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; |
• | possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, including the potential negative effects of imposed and proposed tariffs on products that our customers may import or export, including among others, agricultural products; |
• | possible impairment of our goodwill and other intangible assets, or any adjustment of the valuation of our deferred tax assets; |
• | the effects of geopolitical instability, including war, terrorist attacks, and man-made and natural disasters; |
• | the impact of, and changes in applicable laws, regulations and accounting standards, policies and interpretations, including the impact of the Tax Cuts and Jobs Act of 2017; |
• | legal, compliance and reputational risks, including litigation and regulatory risks; |
• | our inability to receive dividends from our bank and to service debt, pay dividends to our common stockholders and satisfy obligations as they become due; |
• | expected cost savings in connection with the consolidation of recent acquisitions may not be fully realized or realized within the expected time frames, and deposit attrition, customer loss and revenue loss following completed acquisitions may be greater than expected; |
• | our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002 to maintain an effective system of internal control over financial reporting; and |
• | other risks and uncertainties inherent to our business, including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. |
ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED) |
(Unaudited) | |||||||
June 30, 2018 | September 30, 2017 | ||||||
Assets | |||||||
Cash and due from banks | $ | 162,885 | $ | 170,657 | |||
Interest-bearing bank deposits | 131,729 | 189,739 | |||||
Cash and cash equivalents | 294,614 | 360,396 | |||||
Securities available for sale | 1,372,711 | 1,367,960 | |||||
Loans, net of unearned discounts and deferred fees, including $46,477 and $57,537 of loans covered by a FDIC loss share agreement at June 30, 2018 and September 30, 2017, respectively, and $888,247 and $1,016,576 of loans at fair value under the fair value option at June 30, 2018 and September 30, 2017, respectively, and $6,805 and $7,456 of loans held for sale at June 30, 2018 and September 30, 2017, respectively | 9,379,819 | 8,968,553 | |||||
Allowance for loan and lease losses | (64,688 | ) | (63,503 | ) | |||
Net loans | 9,315,131 | 8,905,050 | |||||
Premises and equipment, including $1,107 and $5,147 of property held for sale at June 30, 2018 and September 30, 2017, respectively | 107,364 | 112,209 | |||||
Accrued interest receivable | 51,979 | 53,176 | |||||
Other repossessed property, including $131 and $0 of property covered by FDIC loss share agreements at June 30, 2018 and September 30, 2017, respectively | 10,221 | 8,985 | |||||
Goodwill | 739,023 | 739,023 | |||||
Cash surrender value of life insurance policies | 30,245 | 29,619 | |||||
Net deferred tax assets | 31,487 | 42,400 | |||||
Other assets | 56,273 | 71,193 | |||||
Total assets | $ | 12,009,048 | $ | 11,690,011 | |||
Liabilities and stockholders’ equity | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 1,793,293 | $ | 1,856,126 | |||
Interest-bearing | 7,792,025 | 7,121,487 | |||||
Total deposits | 9,585,318 | 8,977,613 | |||||
Securities sold under agreements to repurchase | 105,478 | 132,636 | |||||
FHLB advances and other borrowings | 335,000 | 643,214 | |||||
Subordinated debentures and subordinated notes payable | 108,426 | 108,302 | |||||
Accrued expenses and other liabilities | 58,085 | 73,246 | |||||
Total liabilities | 10,192,307 | 9,935,011 | |||||
Stockholders’ equity | |||||||
Common stock, $0.01 par value, authorized 500,000,000 shares; 58,911,563 shares issued and outstanding at June 30, 2018 and 58,834,066 shares issued and outstanding at September 30, 2017 | 589 | 588 | |||||
Additional paid-in capital | 1,317,327 | 1,314,039 | |||||
Retained earnings | 525,462 | 445,747 | |||||
Accumulated other comprehensive (loss) | (26,637 | ) | (5,374 | ) | |||
Total stockholders' equity | 1,816,741 | 1,755,000 | |||||
Total liabilities and stockholders' equity | $ | 12,009,048 | $ | 11,690,011 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 116,522 | $ | 101,593 | $ | 334,196 | $ | 301,005 | |||||||
Investment securities | 7,471 | 6,803 | 21,526 | 19,719 | |||||||||||
Federal funds sold and other | 424 | 163 | 882 | 728 | |||||||||||
Total interest income | 124,417 | 108,559 | 356,604 | 321,452 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 16,460 | 9,478 | 40,116 | 24,596 | |||||||||||
FHLB advances and other borrowings | 1,963 | 1,080 | 6,941 | 4,033 | |||||||||||
Subordinated debentures and subordinated notes payable | 1,322 | 1,113 | 3,699 | 3,299 | |||||||||||
Total interest expense | 19,745 | 11,671 | 50,756 | 31,928 | |||||||||||
Net interest income | 104,672 | 96,888 | 305,848 | 289,524 | |||||||||||
Provision for loan and lease losses | 3,515 | 5,796 | 12,972 | 16,854 | |||||||||||
Net interest income after provision for loan and lease losses | 101,157 | 91,092 | 292,876 | 272,670 | |||||||||||
Noninterest income | |||||||||||||||
Service charges and other fees | 12,655 | 14,572 | 37,879 | 41,983 | |||||||||||
Wealth management fees | 2,242 | 2,433 | 6,761 | 7,116 | |||||||||||
Mortgage banking income, net | 1,352 | 1,828 | 4,178 | 6,130 | |||||||||||
Net gain on sale of securities | 15 | — | 6 | 44 | |||||||||||
Net (decrease) increase in fair value of loans at fair value | (7,370 | ) | 6,060 | (30,872 | ) | (63,158 | ) | ||||||||
Net realized and unrealized gain on derivatives | 8,093 | (9,088 | ) | 29,602 | 51,481 | ||||||||||
Other | 1,952 | 1,522 | 6,801 | 4,878 | |||||||||||
Total noninterest income | 18,939 | 17,327 | 54,355 | 48,474 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 35,122 | 32,868 | 101,661 | 96,872 | |||||||||||
Data processing and communication | 7,177 | 7,370 | 23,251 | 20,965 | |||||||||||
Occupancy and equipment | 4,974 | 4,866 | 15,112 | 14,812 | |||||||||||
Professional fees | 4,297 | 4,141 | 12,564 | 10,535 | |||||||||||
Advertising | 1,260 | 1,059 | 3,441 | 3,029 | |||||||||||
Net loss recognized on repossessed property and other related expenses | 305 | 152 | 1,519 | 1,208 | |||||||||||
Amortization of core deposits and other intangibles | 416 | 538 | 1,268 | 1,927 | |||||||||||
Acquisition expenses | — | — | — | 710 | |||||||||||
Other | 4,312 | 3,928 | 13,059 | 11,254 | |||||||||||
Total noninterest expense | 57,863 | 54,922 | 171,875 | 161,312 | |||||||||||
Income before income taxes | 62,233 | 53,497 | 175,356 | 159,832 | |||||||||||
Provision for income taxes | 16,359 | 18,437 | 59,720 | 52,707 | |||||||||||
Net income | $ | 45,874 | $ | 35,060 | $ | 115,636 | $ | 107,125 | |||||||
Basic earnings per common share | |||||||||||||||
Weighted average common shares outstanding | 58,948,944 | 58,790,314 | 58,930,963 | 58,776,546 | |||||||||||
Basic earnings per share | $ | 0.78 | $ | 0.60 | $ | 1.96 | $ | 1.82 | |||||||
Diluted earnings per common share | |||||||||||||||
Weighted average diluted common shares outstanding | 59,170,058 | 59,130,632 | 59,134,635 | 59,065,402 | |||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.59 | $ | 1.96 | $ | 1.81 | |||||||
Dividends per share | |||||||||||||||
Dividends paid | $ | 14,724 | $ | 11,752 | $ | 38,274 | $ | 31,722 | |||||||
Dividends per share | $ | 0.25 | $ | 0.20 | $ | 0.65 | $ | 0.54 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 45,874 | $ | 35,060 | $ | 115,636 | $ | 107,125 | |||||||
Other comprehensive (loss) gain, net of tax: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Net unrealized holding (loss) gain arising during the period | (5,671 | ) | 1,896 | (26,596 | ) | (17,757 | ) | ||||||||
Reclassification adjustment for net gain realized in net income | (15 | ) | — | (6 | ) | (44 | ) | ||||||||
Income tax benefit (expense) | 1,402 | (721 | ) | 7,692 | 6,764 | ||||||||||
Net change in unrealized (loss) gain on securities available for sale | (4,284 | ) | 1,175 | (18,910 | ) | (11,037 | ) | ||||||||
Comprehensive income | $ | 41,590 | $ | 36,235 | $ | 96,726 | $ | 96,088 |
Comprehensive Income | Common Stock Par Value | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||
Balance, September 30, 2016 | $ | 587 | $ | 1,312,347 | $ | 344,923 | $ | 5,534 | $ | 1,663,391 | |||||||||||||
Net income | $ | 107,125 | — | — | 107,125 | — | 107,125 | ||||||||||||||||
Other comprehensive (loss), net of tax | (11,037 | ) | — | — | — | (11,037 | ) | (11,037 | ) | ||||||||||||||
Total comprehensive income | $ | 96,088 | |||||||||||||||||||||
Cumulative effect adjustment ¹ | — | 751 | (488 | ) | — | 263 | |||||||||||||||||
Stock-based compensation, net of tax | — | 4,963 | — | — | 4,963 | ||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.54 per share | — | — | (31,722 | ) | — | (31,722 | ) | ||||||||||||||||
Balance, June 30, 2017 | $ | 587 | $ | 1,318,061 | $ | 419,838 | $ | (5,503 | ) | $ | 1,732,983 | ||||||||||||
Balance, September 30, 2017 | $ | 588 | $ | 1,314,039 | $ | 445,747 | $ | (5,374 | ) | $ | 1,755,000 | ||||||||||||
Net income | $ | 115,636 | — | — | 115,636 | — | 115,636 | ||||||||||||||||
Other comprehensive (loss), net of tax | (18,910 | ) | — | — | — | (18,910 | ) | (18,910 | ) | ||||||||||||||
Total comprehensive income | $ | 96,726 | |||||||||||||||||||||
Stock-based compensation, net of tax | 1 | 3,288 | — | — | 3,289 | ||||||||||||||||||
Reclassification due to adoption of ASU 2018-02 ² | — | — | 2,353 | (2,353 | ) | — | |||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.65 per share | — | — | (38,274 | ) | — | (38,274 | ) | ||||||||||||||||
Balance, June 30, 2018 | $ | 589 | $ | 1,317,327 | $ | 525,462 | $ | (26,637 | ) | $ | 1,816,741 | ||||||||||||
¹ Cumulative effect adjustment relates to adoption of ASU 2016-09, Compensation - Stock Based Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. | |||||||||||||||||||||||
² Reclassification due to adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. See Note 2, New Accounting Pronouncements and Note 15, Income Taxes, for additional information. |
Nine months ended | |||||||
June 30, 2018 | June 30, 2017 | ||||||
Operating activities | |||||||
Net income | $ | 115,636 | $ | 107,125 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 9,496 | 11,187 | |||||
Amortization of FDIC indemnification asset | 2,244 | 3,473 | |||||
Net loss on sale of securities and other assets | 2,711 | 1,465 | |||||
Gain on redemption of subordinated debentures | — | (111 | ) | ||||
Net gain on sale of loans | (4,924 | ) | (7,381 | ) | |||
Provision for loan and lease losses | 12,972 | 16,854 | |||||
Reversal of provision for loan servicing rights loss | (72 | ) | (6 | ) | |||
Stock-based compensation | 3,289 | 5,226 | |||||
Originations of residential real estate loans held for sale | (189,827 | ) | (209,695 | ) | |||
Proceeds from sales of residential real estate loans held for sale | 195,402 | 218,491 | |||||
Net deferred income taxes | 18,743 | 192 | |||||
Changes in: | |||||||
Accrued interest receivable | 1,197 | 4,053 | |||||
Other assets | 669 | 737 | |||||
Accrued interest payable and other liabilities | (14,850 | ) | (67,750 | ) | |||
Net cash provided by operating activities | 152,686 | 83,860 | |||||
Investing activities | |||||||
Purchase of securities available for sale | (224,159 | ) | (255,014 | ) | |||
Proceeds from sales of securities available for sale | 25,906 | 5,042 | |||||
Proceeds from maturities of securities available for sale | 163,393 | 179,160 | |||||
Net increase in loans | (433,428 | ) | (130,643 | ) | |||
Payment of covered losses from FDIC indemnification claims | (588 | ) | (571 | ) | |||
Purchase of premises and equipment | (5,492 | ) | (4,979 | ) | |||
Proceeds from sale of premises and equipment | 4,600 | 4,024 | |||||
Proceeds from sale of repossessed property | 8,433 | 4,205 | |||||
Purchase of FHLB stock | (47,372 | ) | (22,945 | ) | |||
Proceeds from redemption of FHLB stock | 59,914 | 39,217 | |||||
Net cash used in investing activities | (448,793 | ) | (182,504 | ) | |||
Financing activities | |||||||
Net increase in deposits | 607,914 | 354,801 | |||||
Net decrease in securities sold under agreements to repurchase and other short-term borrowings | (27,158 | ) | (17,837 | ) | |||
Proceeds from FHLB advances and other long-term borrowings | 150,000 | 375,700 | |||||
Repayments on FHLB advances and other long-term borrowings | (458,200 | ) | (775,000 | ) | |||
Redemption of subordinated debentures | — | (3,625 | ) | ||||
Taxes paid related to net share settlement of equity awards | (3,957 | ) | (383 | ) | |||
Dividends paid | (38,274 | ) | (31,722 | ) | |||
Net cash provided by (used in) financing activities | 230,325 | (98,066 | ) | ||||
Net decrease in cash and cash equivalents | (65,782 | ) | (196,710 | ) | |||
Cash and cash equivalents, beginning of period | 360,396 | 524,611 | |||||
Cash and cash equivalents, end of period | $ | 294,614 | $ | 327,901 | |||
Supplemental disclosure of cash flow information | |||||||
Cash payments for interest | $ | 47,237 | $ | 30,996 | |||
Cash payments for income taxes | $ | 39,404 | $ | 52,796 | |||
Supplemental disclosure of noncash investing and financing activities | |||||||
Loans transferred to repossessed properties | $ | (11,188 | ) | $ | (4,182 | ) |
As originally reported | Adjustments | As revised | |||||||||
(dollars in thousands) | |||||||||||
Three months ended June 30, 2017 | |||||||||||
Interest income - loans | $ | 103,435 | $ | (1,842 | ) | $ | 101,593 | ||||
Noninterest income - service charges and other fees | 12,730 | 1,842 | 14,572 | ||||||||
Nine months ended June 30, 2017 | |||||||||||
Interest income - loans | $ | 306,253 | $ | (5,248 | ) | $ | 301,005 | ||||
Noninterest income - service charges and other fees | 36,735 | 5,248 | 41,983 | ||||||||
As originally reported | Adjustments | As revised | |||||||||
(dollars in thousands) | |||||||||||
Twelve months ended September 30, 2017 | |||||||||||
Interest income - loans | $ | 414,434 | $ | (7,152 | ) | $ | 407,282 | ||||
Noninterest income - service charges and other fees | 48,573 | 7,152 | 55,725 | ||||||||
Twelve months ended September 30, 2016 | |||||||||||
Interest income - loans | $ | 370,444 | $ | (6,716 | ) | $ | 363,728 | ||||
Noninterest income - service charges and other fees | 46,209 | 6,716 | 52,925 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(dollars in thousands) | |||||||||||||||
As of June 30, 2018 | |||||||||||||||
U.S. Treasury securities | $ | 178,774 | $ | — | $ | (1,239 | ) | $ | 177,535 | ||||||
Mortgage-backed securities: | |||||||||||||||
Government National Mortgage Association | 445,376 | 48 | (15,082 | ) | 430,342 | ||||||||||
Federal Home Loan Mortgage Corporation | 250,832 | 56 | (5,720 | ) | 245,168 | ||||||||||
Federal National Mortgage Association | 194,515 | 33 | (5,241 | ) | 189,307 | ||||||||||
Small Business Assistance Program | 267,428 | 72 | (7,167 | ) | 260,333 | ||||||||||
States and political subdivision securities | 70,509 | 13 | (1,496 | ) | 69,026 | ||||||||||
Other | 1,006 | — | (6 | ) | 1,000 | ||||||||||
Total | $ | 1,408,440 | $ | 222 | $ | (35,951 | ) | $ | 1,372,711 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(dollars in thousands) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
U.S. Treasury securities | $ | 228,039 | $ | 579 | $ | (15 | ) | $ | 228,603 | ||||||
Mortgage-backed securities: | |||||||||||||||
Government National Mortgage Association | 511,457 | 228 | (6,635 | ) | 505,050 | ||||||||||
Federal Home Loan Mortgage Corporation | 169,147 | 75 | (1,247 | ) | 167,975 | ||||||||||
Federal National Mortgage Association | 170,247 | 22 | (1,287 | ) | 168,982 | ||||||||||
Small Business Assistance Program | 224,005 | 726 | (1,001 | ) | 223,730 | ||||||||||
States and political subdivision securities | 73,041 | 187 | (642 | ) | 72,586 | ||||||||||
Other | 1,006 | 28 | — | 1,034 | |||||||||||
Total | $ | 1,376,942 | $ | 1,845 | $ | (10,827 | ) | $ | 1,367,960 |
June 30, 2018 | September 30, 2017 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
(dollars in thousands) | |||||||||||||||
Due in one year or less | $ | 120,927 | $ | 120,476 | $ | 91,535 | $ | 91,597 | |||||||
Due after one year through five years | 116,445 | 114,655 | 193,117 | 193,373 | |||||||||||
Due after five years through ten years | 11,789 | 11,308 | 16,306 | 16,097 | |||||||||||
Due after ten years | 122 | 122 | 122 | 122 | |||||||||||
249,283 | 246,561 | 301,080 | 301,189 | ||||||||||||
Mortgage-backed securities | 1,158,151 | 1,125,150 | 1,074,856 | 1,065,737 | |||||||||||
Securities without contractual maturities | 1,006 | 1,000 | 1,006 | 1,034 | |||||||||||
Total | $ | 1,408,440 | $ | 1,372,711 | $ | 1,376,942 | $ | 1,367,960 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2018 | |||||||||||||||||||||||
U.S. Treasury securities | $ | 167,539 | $ | (1,234 | ) | $ | 9,996 | $ | (5 | ) | $ | 177,535 | $ | (1,239 | ) | ||||||||
Mortgage-backed securities | 313,945 | (6,369 | ) | 713,284 | (26,841 | ) | 1,027,229 | (33,210 | ) | ||||||||||||||
States and political subdivision securities | 20,601 | (145 | ) | 44,235 | (1,351 | ) | 64,836 | (1,496 | ) | ||||||||||||||
Other | 1,000 | (6 | ) | — | — | 1,000 | (6 | ) | |||||||||||||||
Total | $ | 503,085 | $ | (7,754 | ) | $ | 767,515 | $ | (28,197 | ) | $ | 1,270,600 | $ | (35,951 | ) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||||
U.S. Treasury securities | $ | 10,003 | $ | (15 | ) | $ | — | $ | — | $ | 10,003 | $ | (15 | ) | |||||||||
Mortgage-backed securities | 635,969 | (5,425 | ) | 241,368 | (4,746 | ) | 877,337 | (10,171 | ) | ||||||||||||||
States and political subdivision securities | 21,705 | (197 | ) | 25,773 | (444 | ) | 47,478 | (641 | ) | ||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 667,677 | $ | (5,637 | ) | $ | 267,141 | $ | (5,190 | ) | $ | 934,818 | $ | (10,827 | ) |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Commercial real estate | $ | 4,529,446 | $ | 4,124,805 | |||
Agriculture | 2,176,318 | 2,122,138 | |||||
Commercial non-real estate | 1,750,827 | 1,718,914 | |||||
Residential real estate | 857,848 | 932,892 | |||||
Consumer | 51,417 | 66,559 | |||||
Other | 44,187 | 43,207 | |||||
Ending balance | 9,410,043 | 9,008,515 | |||||
Less: Unamortized discount on acquired loans | (19,850 | ) | (29,121 | ) | |||
Unearned net deferred fees and costs and loans in process | (10,374 | ) | (10,841 | ) | |||
Total | $ | 9,379,819 | $ | 8,968,553 |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Nonaccrual loans | |||||||
Commercial real estate | $ | 29,869 | $ | 14,693 | |||
Agriculture | 81,387 | 99,325 | |||||
Commercial non-real estate | 9,154 | 13,674 | |||||
Residential real estate | 3,590 | 4,421 | |||||
Consumer | 55 | 112 | |||||
Total | $ | 124,055 | $ | 132,225 |
As of June 30, 2018 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate ¹ | Consumer ¹ | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||
Pass | $ | 3,971,920 | $ | 1,680,976 | $ | 1,438,425 | $ | 795,325 | $ | 50,657 | $ | 44,187 | $ | 7,981,490 | |||||||||||||
Watchlist | 55,047 | 166,130 | 23,440 | 5,158 | 336 | — | 250,111 | ||||||||||||||||||||
Substandard | 61,592 | 127,661 | 25,935 | 6,050 | 165 | — | 221,403 | ||||||||||||||||||||
Doubtful | 97 | 4 | 2,322 | 39 | — | — | 2,462 | ||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||
Ending balance | 4,088,656 | 1,974,771 | 1,490,122 | 806,572 | 51,158 | 44,187 | 8,455,466 | ||||||||||||||||||||
Loans covered by a FDIC loss sharing agreement | — | — | — | 46,477 | — | — | 46,477 | ||||||||||||||||||||
Total | $ | 4,088,656 | $ | 1,974,771 | $ | 1,490,122 | $ | 853,049 | $ | 51,158 | $ | 44,187 | $ | 8,501,943 | |||||||||||||
1 The Company generally does not risk rate residential real estate or consumer loans unless a default event such as a bankruptcy or extended nonperformance takes place. Alternatively, standard credit scoring systems are used to assess credit risks of residential real estate and consumer loans. |
As of September 30, 2017 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate ¹ | Consumer ¹ | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||
Pass | $ | 3,519,689 | $ | 1,577,403 | $ | 1,369,803 | $ | 853,266 | $ | 65,673 | $ | 43,207 | $ | 7,429,041 | |||||||||||||
Watchlist | 80,195 | 157,407 | 31,878 | 4,158 | 187 | — | 273,825 | ||||||||||||||||||||
Substandard | 37,627 | 130,953 | 21,438 | 7,368 | 306 | — | 197,692 | ||||||||||||||||||||
Doubtful | 521 | 119 | 3,841 | 242 | — | — | 4,723 | ||||||||||||||||||||
Loss | — | — | — | — | — | — | — | ||||||||||||||||||||
Ending balance | 3,638,032 | 1,865,882 | 1,426,960 | 865,034 | 66,166 | 43,207 | 7,905,281 | ||||||||||||||||||||
Loans covered by a FDIC loss sharing agreement | — | — | — | 57,537 | — | — | 57,537 | ||||||||||||||||||||
Total | $ | 3,638,032 | $ | 1,865,882 | $ | 1,426,960 | $ | 922,571 | $ | 66,166 | $ | 43,207 | $ | 7,962,818 | |||||||||||||
1 The Company generally does not risk rate residential real estate or consumer loans unless a default event such as a bankruptcy or extended nonperformance takes place. Alternatively, standard credit scoring systems are used to assess credit risks of residential real estate and consumer loans. |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Financing Receivables | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2018 | |||||||||||||||||||||||
Commercial real estate | $ | 3,199 | $ | 94 | $ | 23,019 | $ | 26,312 | $ | 4,062,344 | $ | 4,088,656 | |||||||||||
Agriculture | 1,138 | 2,746 | 20,060 | 23,944 | 1,950,827 | 1,974,771 | |||||||||||||||||
Commercial non-real estate | 685 | 128 | 7,481 | 8,294 | 1,481,828 | 1,490,122 | |||||||||||||||||
Residential real estate | 1,562 | 444 | 1,410 | 3,416 | 803,156 | 806,572 | |||||||||||||||||
Consumer | 106 | 15 | — | 121 | 51,037 | 51,158 | |||||||||||||||||
Other | — | — | — | — | 44,187 | 44,187 | |||||||||||||||||
Ending balance | 6,690 | 3,427 | 51,970 | 62,087 | 8,393,379 | 8,455,466 | |||||||||||||||||
Loans covered by a FDIC loss sharing agreement | 274 | 541 | 263 | 1,078 | 45,399 | 46,477 | |||||||||||||||||
Total | $ | 6,964 | $ | 3,968 | $ | 52,233 | $ | 63,165 | $ | 8,438,778 | $ | 8,501,943 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Financing Receivables | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||||
Commercial real estate | $ | 876 | $ | 22,536 | $ | 6,504 | $ | 29,916 | $ | 3,608,116 | $ | 3,638,032 | |||||||||||
Agriculture | 1,453 | 3,181 | 20,844 | 25,478 | 1,840,404 | 1,865,882 | |||||||||||||||||
Commercial non-real estate | 2,485 | 115 | 8,580 | 11,180 | 1,415,780 | 1,426,960 | |||||||||||||||||
Residential real estate | 1,428 | 76 | 951 | 2,455 | 862,579 | 865,034 | |||||||||||||||||
Consumer | 71 | 24 | 18 | 113 | 66,053 | 66,166 | |||||||||||||||||
Other | — | — | — | — | 43,207 | 43,207 | |||||||||||||||||
Ending balance | 6,313 | 25,932 | 36,897 | 69,142 | 7,836,139 | 7,905,281 | |||||||||||||||||
Loans covered by a FDIC loss sharing agreement | 998 | 54 | 738 | 1,790 | 55,747 | 57,537 | |||||||||||||||||
Total | $ | 7,311 | $ | 25,986 | $ | 37,635 | $ | 70,932 | $ | 7,891,886 | $ | 7,962,818 |
June 30, 2018 | September 30, 2017 | ||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial real estate | $ | 45,330 | $ | 47,969 | $ | 5,313 | $ | 20,819 | $ | 24,893 | $ | 3,621 | |||||||||||
Agriculture | 63,272 | 77,756 | 10,720 | 79,219 | 88,268 | 11,468 | |||||||||||||||||
Commercial non-real estate | 18,798 | 21,701 | 5,343 | 17,950 | 28,755 | 4,779 | |||||||||||||||||
Residential real estate | 4,383 | 5,032 | 2,022 | 5,177 | 5,874 | 2,581 | |||||||||||||||||
Consumer | 166 | 171 | 70 | 280 | 287 | 86 | |||||||||||||||||
Total impaired loans with an allowance recorded | 131,949 | 152,629 | 23,468 | 123,445 | 148,077 | 22,535 | |||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 15,316 | 54,750 | — | 16,652 | 69,677 | — | |||||||||||||||||
Agriculture | 64,317 | 67,427 | — | 51,256 | 64,177 | — | |||||||||||||||||
Commercial non-real estate | 10,176 | 19,316 | — | 13,983 | 38,924 | — | |||||||||||||||||
Residential real estate | 1,802 | 4,267 | — | 2,574 | 9,613 | — | |||||||||||||||||
Consumer | 1 | 118 | — | 13 | 950 | — | |||||||||||||||||
Total impaired loans with no allowance recorded | 91,612 | 145,878 | — | 84,478 | 183,341 | — | |||||||||||||||||
Total impaired loans | $ | 223,561 | $ | 298,507 | $ | 23,468 | $ | 207,923 | $ | 331,418 | $ | 22,535 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Nine Months Ended June 30, 2018 | Nine Months Ended June 30, 2017 | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized While on Impaired Status | Average Recorded Investment | Interest Income Recognized While on Impaired Status | Average Recorded Investment | Interest Income Recognized While on Impaired Status | Average Recorded Investment | Interest Income Recognized While on Impaired Status | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 61,257 | $ | 402 | $ | 40,939 | $ | 579 | $ | 57,818 | $ | 2,456 | $ | 45,294 | $ | 1,794 | |||||||||||||||
Agriculture | 126,262 | 1,592 | 140,512 | 1,993 | 125,047 | 3,763 | 127,621 | 5,186 | |||||||||||||||||||||||
Commercial non-real estate | 28,915 | 354 | 43,224 | 331 | 30,402 | 1,130 | 45,424 | 1,111 | |||||||||||||||||||||||
Residential real estate | 6,780 | 54 | 9,051 | 112 | 7,273 | 335 | 9,489 | 352 | |||||||||||||||||||||||
Consumer | 199 | 3 | 415 | 13 | 234 | 10 | 408 | 40 | |||||||||||||||||||||||
Total | $ | 223,413 | $ | 2,405 | $ | 234,141 | $ | 3,028 | $ | 220,774 | $ | 7,694 | $ | 228,236 | $ | 8,483 |
June 30, 2018 | September 30, 2017 | ||||||||||||||
Accruing | Nonaccrual | Accruing | Nonaccrual | ||||||||||||
(dollars in thousands) | |||||||||||||||
Commercial real estate | $ | 612 | $ | 2,623 | $ | 1,121 | $ | 5,351 | |||||||
Agriculture | 32,203 | 57,685 | 22,678 | 59,633 | |||||||||||
Commercial non real estate | 3,564 | 3,792 | 8,369 | 5,641 | |||||||||||
Residential real estate | 299 | 261 | 311 | 688 | |||||||||||
Consumer | 80 | — | 11 | 21 | |||||||||||
Total | $ | 36,758 | $ | 64,361 | $ | 32,490 | $ | 71,334 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Nine Months Ended June 30, 2018 | Nine Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial real estate | — | $ | — | $ | — | 1 | $ | 3,230 | $ | 3,230 | — | $ | — | $ | — | 1 | $ | 3,230 | $ | 3,230 | |||||||||||||||
Agriculture | 3 | 4,680 | 4,680 | 6 | 8,289 | 8,289 | 5 | 10,753 | 10,753 | 8 | 16,723 | 16,723 | |||||||||||||||||||||||
Commercial non-real estate | — | — | — | 2 | 692 | 692 | — | — | — | 6 | 1,218 | 1,218 | |||||||||||||||||||||||
Residential real estate | — | — | — | — | — | — | — | — | — | 1 | 9 | 9 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | — | 1 | 73 | 73 | — | — | — | |||||||||||||||||||||||
Total accruing | 3 | $ | 4,680 | $ | 4,680 | 9 | $ | 12,211 | $ | 12,211 | 6 | $ | 10,826 | $ | 10,826 | 16 | $ | 21,180 | $ | 21,180 | |||||||||||||||
Change in recorded investment due to principal paydown at time of modification | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||
Change in recorded investment due to chargeoffs at time of modification | — | — | — | — | — | — | — | — | — | — | — | — |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Nine Months Ended June 30, 2018 | Nine Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial real estate | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||
Agriculture | — | — | — | 3 | 4,351 | 4,351 | 6 | 8,374 | 8,374 | 9 | 17,339 | 17,339 | |||||||||||||||||||||||
Commercial non-real estate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Residential real estate | — | — | — | — | — | — | — | — | — | 1 | 21 | 21 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | — | 3 | 21 | 21 | |||||||||||||||||||||||
Total non-accruing | — | $ | — | $ | — | 3 | $ | 4,351 | $ | 4,351 | 6 | $ | 8,374 | $ | 8,374 | 13 | $ | 17,381 | $ | 17,381 | |||||||||||||||
Change in recorded investment due to principal paydown at time of modification | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||
Change in recorded investment due to chargeoffs at time of modification | — | — | — | — | — | — | — | — | — | — | — | — |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Nine Months Ended June 30, 2018 | Nine Months Ended June 30, 2017 | ||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial real estate | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||
Agriculture | 2 | 130 | — | — | 2 | 130 | — | — | |||||||||||||||
Commercial non-real estate | 2 | 3,214 | 1 | — | 2 | 3,214 | 1 | — | |||||||||||||||
Residential real estate | — | — | — | — | — | — | — | — | |||||||||||||||
Consumer | — | — | — | — | — | — | — | — | |||||||||||||||
Total | 4 | $ | 3,344 | 1 | $ | — | 4 | $ | 3,344 | 1 | $ | — |
Three Months Ended June 30, 2018 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Beginning balance April 1, 2018 | $ | 18,914 | $ | 24,129 | $ | 15,730 | $ | 5,111 | $ | 279 | $ | 976 | $ | 65,139 | |||||||||||||
Charge-offs | (1,671 | ) | (1,978 | ) | (333 | ) | (167 | ) | (60 | ) | (399 | ) | (4,608 | ) | |||||||||||||
Recoveries | 116 | 103 | 140 | 100 | 48 | 135 | 642 | ||||||||||||||||||||
Provision | 354 | 3,035 | 323 | (529 | ) | 20 | 302 | 3,505 | |||||||||||||||||||
(Improvement) impairment of ASC 310-30 loans | (28 | ) | — | — | 38 | — | — | 10 | |||||||||||||||||||
Ending balance June 30, 2018 | $ | 17,685 | $ | 25,289 | $ | 15,860 | $ | 4,553 | $ | 287 | $ | 1,014 | $ | 64,688 |
Three Months Ended June 30, 2017 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Beginning balance April 1, 2017 | $ | 16,996 | $ | 26,320 | $ | 11,949 | $ | 6,069 | $ | 371 | $ | 980 | $ | 62,685 | |||||||||||||
Charge-offs | (57 | ) | (288 | ) | (4,076 | ) | (236 | ) | (28 | ) | (518 | ) | (5,203 | ) | |||||||||||||
Recoveries | 57 | 258 | 283 | 50 | 45 | 243 | 936 | ||||||||||||||||||||
Provision | 1,209 | (1,805 | ) | 6,269 | (123 | ) | (38 | ) | 338 | 5,850 | |||||||||||||||||
(Improvement) of ASC 310-30 loans | (54 | ) | — | — | — | — | — | (54 | ) | ||||||||||||||||||
Ending balance June 30, 2017 | $ | 18,151 | $ | 24,485 | $ | 14,425 | $ | 5,760 | $ | 350 | $ | 1,043 | $ | 64,214 |
Nine Months Ended June 30, 2018 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Beginning balance October 1, 2017 | $ | 16,941 | $ | 25,757 | $ | 14,114 | $ | 5,347 | $ | 329 | $ | 1,015 | $ | 63,503 | |||||||||||||
Charge-offs | (3,268 | ) | (4,959 | ) | (3,176 | ) | (442 | ) | (176 | ) | (1,491 | ) | (13,512 | ) | |||||||||||||
Recoveries | 326 | 275 | 349 | 216 | 90 | 469 | 1,725 | ||||||||||||||||||||
Provision | 3,675 | 4,331 | 4,573 | (539 | ) | 44 | 1,021 | 13,105 | |||||||||||||||||||
Impairment (improvement) of ASC 310-30 loans | 11 | (115 | ) | — | (29 | ) | — | — | (133 | ) | |||||||||||||||||
Ending balance June 30, 2018 | $ | 17,685 | $ | 25,289 | $ | 15,860 | $ | 4,553 | $ | 287 | $ | 1,014 | $ | 64,688 |
Nine Months Ended June 30, 2017 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Beginning balance October 1, 2016 | $ | 17,946 | $ | 25,115 | $ | 12,990 | $ | 7,106 | $ | 438 | $ | 1,047 | $ | 64,642 | |||||||||||||
Charge-offs | (1,881 | ) | (7,708 | ) | (7,769 | ) | (502 | ) | (138 | ) | (1,834 | ) | (19,832 | ) | |||||||||||||
Recoveries | 441 | 402 | 502 | 311 | 75 | 819 | 2,550 | ||||||||||||||||||||
Provision | 1,759 | 6,676 | 8,702 | (263 | ) | (25 | ) | 1,011 | 17,860 | ||||||||||||||||||
(Improvement) of ASC 310-30 loans | (114 | ) | — | — | (892 | ) | — | — | (1,006 | ) | |||||||||||||||||
Ending balance June 30, 2017 | $ | 18,151 | $ | 24,485 | $ | 14,425 | $ | 5,760 | $ | 350 | $ | 1,043 | $ | 64,214 |
As of June 30, 2018 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,313 | $ | 10,720 | $ | 5,343 | $ | 2,022 | $ | 70 | $ | — | $ | 23,468 | |||||||||||||
Collectively evaluated for impairment | 11,679 | 14,569 | 10,517 | 2,376 | 217 | 1,014 | 40,372 | ||||||||||||||||||||
ASC 310-30 loans | 693 | — | — | 155 | — | — | 848 | ||||||||||||||||||||
Total allowance | $ | 17,685 | $ | 25,289 | $ | 15,860 | $ | 4,553 | $ | 287 | $ | 1,014 | $ | 64,688 | |||||||||||||
Financing Receivables | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 60,646 | $ | 127,589 | $ | 28,974 | $ | 6,185 | $ | 167 | $ | — | $ | 223,561 | |||||||||||||
Collectively evaluated for impairment | 3,919,649 | 1,821,465 | 1,401,583 | 796,039 | 50,506 | 44,187 | 8,033,429 | ||||||||||||||||||||
ASC 310-30 loans | 28,119 | 2,838 | 2,041 | 43,388 | 485 | — | 76,871 | ||||||||||||||||||||
Loans Outstanding | $ | 4,008,414 | $ | 1,951,892 | $ | 1,432,598 | $ | 845,612 | $ | 51,158 | $ | 44,187 | $ | 8,333,861 |
As of September 30, 2017 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate | Consumer | Other | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,621 | $ | 11,468 | $ | 4,779 | $ | 2,581 | $ | 86 | $ | — | $ | 22,535 | |||||||||||||
Collectively evaluated for impairment | 12,638 | 14,174 | 9,335 | 2,570 | 243 | 1,015 | 39,975 | ||||||||||||||||||||
ASC 310-30 loans | 682 | 115 | — | 196 | — | — | 993 | ||||||||||||||||||||
Total allowance | $ | 16,941 | $ | 25,757 | $ | 14,114 | $ | 5,347 | $ | 329 | $ | 1,015 | $ | 63,503 | |||||||||||||
Financing Receivables | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 37,471 | $ | 130,475 | $ | 31,933 | $ | 7,751 | $ | 293 | $ | — | $ | 207,923 | |||||||||||||
Collectively evaluated for impairment | 3,487,232 | 1,702,634 | 1,333,888 | 854,330 | 65,207 | 43,207 | 7,486,498 | ||||||||||||||||||||
ASC 310-30 loans | 30,099 | 7,174 | 1,920 | 52,736 | 666 | — | 92,595 | ||||||||||||||||||||
Loans Outstanding | $ | 3,554,802 | $ | 1,840,283 | $ | 1,367,741 | $ | 914,817 | $ | 66,166 | $ | 43,207 | $ | 7,787,016 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Balance at beginning of period | $ | 37,841 | $ | 38,705 | $ | 44,131 | $ | 38,124 | |||||||
Accretion | (3,993 | ) | (3,789 | ) | (11,038 | ) | (9,767 | ) | |||||||
Reclassification from nonaccretable difference | 2,554 | 13,218 | 3,309 | 19,777 | |||||||||||
Balance at end of period | $ | 36,402 | $ | 48,134 | $ | 36,402 | $ | 48,134 |
June 30, 2018 | September 30, 2017 | ||||||||||||||||||||||
Outstanding Balance ¹ | Recorded Investment ² | Carrying Value ³ | Outstanding Balance ¹ | Recorded Investment ² | Carrying Value ³ | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial real estate | $ | 102,633 | $ | 28,119 | $ | 27,426 | $ | 110,797 | $ | 30,099 | $ | 29,417 | |||||||||||
Agriculture | 5,065 | 2,838 | 2,838 | 10,463 | 7,174 | 7,059 | |||||||||||||||||
Commercial non-real estate | 9,196 | 2,041 | 2,041 | 9,825 | 1,920 | 1,920 | |||||||||||||||||
Residential real estate | 50,421 | 43,388 | 43,233 | 61,981 | 52,736 | 52,540 | |||||||||||||||||
Consumer | 553 | 485 | 485 | 798 | 666 | 666 | |||||||||||||||||
Total lending | $ | 167,868 | $ | 76,871 | $ | 76,023 | $ | 193,864 | $ | 92,595 | $ | 91,602 | |||||||||||
1 Represents the legal balance of ASC 310-30 loans. | |||||||||||||||||||||||
2 Represents the book balance of ASC 310-30 loans. | |||||||||||||||||||||||
3 Represents the book balance of ASC 310-30 loans net of the related allowance for loan and lease losses. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Balance at beginning of period | $ | 3,678 | $ | 8,371 | $ | 5,704 | $ | 10,777 | |||||||
Amortization | (494 | ) | (1,492 | ) | (2,244 | ) | (3,473 | ) | |||||||
Changes in expected reimbursements from FDIC for changes in expected credit losses | (23 | ) | 36 | (56 | ) | (69 | ) | ||||||||
Changes in reimbursable expenses | (340 | ) | (283 | ) | (1,002 | ) | (821 | ) | |||||||
Reimbursements of covered losses to the FDIC | 169 | 353 | 588 | 571 | |||||||||||
Balance at end of period | $ | 2,990 | $ | 6,985 | $ | 2,990 | $ | 6,985 |
June 30, 2018 | September 30, 2017 | ||||||||||||||||||||||
Notional Amount | Gross Asset Fair Value | Gross Liability Fair Value | Notional Amount | Gross Asset Fair Value | Gross Liability Fair Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Financial institution counterparties | $ | 1,078,868 | $ | 18,404 | $ | (4,028 | ) | $ | 1,025,474 | $ | 4,967 | $ | (22,737 | ) | |||||||||
Customer counterparties | 183,790 | 2,440 | (1,542 | ) | 36,072 | 615 | — | ||||||||||||||||
Mortgage loan commitments | 31,074 | 8 | — | 37,765 | — | (48 | ) | ||||||||||||||||
Mortgage loan forward sale contracts | 34,254 | — | (8 | ) | 43,628 | 48 | — | ||||||||||||||||
Total | $ | 1,327,986 | $ | 20,852 | $ | (5,578 | ) | $ | 1,142,939 | $ | 5,630 | $ | (22,785 | ) |
Gross Fair Value | Fair Value Offset Amount | Cash Collateral | Net Amount Presented on the Consolidated Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
June 30, 2018 | |||||||||||||||
Total Derivative Assets | $ | 20,852 | $ | (4,028 | ) | $ | (13,178 | ) | $ | 3,646 | |||||
Total Derivative Liabilities ¹ ² | $ | (5,578 | ) | $ | 4,028 | $ | — | $ | (1,550 | ) | |||||
1 In addition to the cash collateral, there were securities of $5.0 million posted as collateral for financial institution counterparties at June 30, 2018. | |||||||||||||||
2 There was an additional $0.9 million of collateral held for initial margin with our Futures Clearing Merchant for clearing derivatives at June 30, 2018 and is included in other assets in the consolidated balance sheets. |
Gross Fair Value | Fair Value Offset Amount | Cash Collateral | Net Amount Presented on the Consolidated Balance Sheet | ||||||||||||
(dollars in thousands) | |||||||||||||||
September 30, 2017 | |||||||||||||||
Total Derivative Assets | $ | 1,850 | $ | (1,850 | ) | $ | — | $ | — | ||||||
Total Derivative Liabilities ¹ ² | (19,005 | ) | 1,850 | — | (17,155 | ) | |||||||||
1 In addition to the cash collateral, there were securities of $25.0 million posted as collateral for financial institution counterparties at September 30, 2017. | |||||||||||||||
2 There was an additional $2.3 million of collateral held for initial margin with our Futures Clearing Merchant for clearing derivatives at September 30, 2017 and is included in other assets in the consolidated balance sheets. |
Amount of Gain (Loss) Recognized in Statements of Income | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Location of Gain (Loss) Recognized in Statements of Income | June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||
(dollars in thousands) | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | Net realized and unrealized gain on derivatives | $ | 8,093 | $ | (9,088 | ) | $ | 29,602 | $ | 51,481 | |||||||
Mortgage loan commitments | Net realized and unrealized gain on derivatives | 4 | (109 | ) | 8 | (56 | ) | ||||||||||
Mortgage loan forward sale contracts | Net realized and unrealized gain on derivatives | (4 | ) | 109 | (8 | ) | 56 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Nine Months Ended June 30, 2018 | Nine Months Ended June 30, 2017 | ||||||||||||||||||||||||||||
Noninterest Income | Total Changes in Fair Value | Noninterest Income | Total Changes in Fair Value | Noninterest Income | Total Changes in Fair Value | Noninterest Income | Total Changes in Fair Value | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Long-term loans | $ | (7,370 | ) | $ | (7,370 | ) | $ | 6,060 | $ | 6,060 | $ | (30,872 | ) | $ | (30,872 | ) | $ | (63,158 | ) | $ | (63,158 | ) |
Core Deposit Intangible | Brand Intangible | Other Intangible | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
As of June 30, 2018 | |||||||||||||||
Gross carrying amount | $ | 7,339 | $ | 8,464 | $ | 538 | $ | 16,341 | |||||||
Accumulated amortization | (2,374 | ) | (5,687 | ) | (174 | ) | (8,235 | ) | |||||||
Net intangible assets | $ | 4,965 | $ | 2,777 | $ | 364 | $ | 8,106 | |||||||
As of September 30, 2017 | |||||||||||||||
Gross carrying amount | $ | 7,339 | $ | 8,464 | $ | 538 | $ | 16,341 | |||||||
Accumulated amortization | (1,579 | ) | (5,264 | ) | (124 | ) | (6,967 | ) | |||||||
Net intangible assets | $ | 5,760 | $ | 3,200 | $ | 414 | $ | 9,374 |
Amount | |||
(dollars in thousands) | |||
Remaining in 2018 | $ | 394 | |
2019 | 1,538 | ||
2020 | 1,430 | ||
2021 | 1,334 | ||
2022 | 1,249 | ||
2023 and thereafter | 2,161 | ||
Total | $ | 8,106 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Loan servicing rights | |||||||||||||||
Beginning of period | $ | 3,596 | $ | 4,906 | $ | 4,155 | $ | 5,794 | |||||||
Amortization ¹ | (259 | ) | (369 | ) | (818 | ) | (1,257 | ) | |||||||
End of period | $ | 3,337 | $ | 4,537 | $ | 3,337 | $ | 4,537 | |||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Valuation allowance | |||||||||||||||
Beginning of period | $ | (10 | ) | $ | (3 | ) | $ | (81 | ) | $ | (13 | ) | |||
(Additions) / reductions ¹ | 1 | (4 | ) | 72 | 6 | ||||||||||
End of period | $ | (9 | ) | $ | (7 | ) | $ | (9 | ) | $ | (7 | ) | |||
Loan servicing rights, net | $ | 3,328 | $ | 4,530 | $ | 3,328 | $ | 4,530 | |||||||
Servicing fees received | $ | 438 | $ | 500 | $ | 1,310 | $ | 1,573 | |||||||
Balance of loans serviced at: | |||||||||||||||
Beginning of period | 669,767 | 792,779 | 722,461 | 868,865 | |||||||||||
End of period | 641,403 | 759,670 | 641,403 | 759,670 | |||||||||||
1 Changes to carrying amounts are reported net of loan servicing income on the consolidated statements of comprehensive income for the periods presented. |
June 30, 2018 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Repurchase agreements | |||||||||||||||||||
Municipal securities | $ | 3,035 | $ | — | $ | — | $ | — | $ | 3,035 | |||||||||
Mortgage-backed securities | 102,443 | — | — | — | 102,443 | ||||||||||||||
Total repurchase agreements | $ | 105,478 | $ | — | $ | — | $ | — | $ | 105,478 |
September 30, 2017 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Repurchase agreements | |||||||||||||||||||
Municipal securities | $ | 3,626 | $ | — | $ | — | $ | — | $ | 3,626 | |||||||||
Mortgage-backed securities | 129,010 | — | — | — | 129,010 | ||||||||||||||
Total repurchase agreements | $ | 132,636 | $ | — | $ | — | $ | — | $ | 132,636 |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Short-term borrowings: | |||||||
Notes payable to FHLB, interest rates from 1.25% to 1.27% | $ | — | $ | 512,200 | |||
FHLB fed funds advance, interest rate of 2.10% and maturity date in October 2018 | 160,000 | 75,000 | |||||
Long-term borrowings: | |||||||
Notes payable to FHLB, interest rates from 2.28% to 3.66% and maturity dates from March 2020 to July 2023, collateralized by real estate loans, with various call dates at the option of the FHLB | 175,000 | 56,000 | |||||
Total | 335,000 | 643,200 | |||||
Fair value adjustment ¹ | — | 14 | |||||
Total FHLB advances and other borrowings | $ | 335,000 | $ | 643,214 | |||
1 Adjustment reflects the fair value adjustments related to the FHLB advances and notes payable assumed as part of the HF Financial acquisition. |
Amount | |||
(dollars in thousands) | |||
Remaining in 2018 | $ | — | |
2019 | 160,000 | ||
2020 | 150,000 | ||
2021 | — | ||
2022 | — | ||
2023 and thereafter | 25,000 | ||
Total | $ | 335,000 |
June 30, 2018 | September 30, 2017 | ||||||||||||||
Amount Outstanding | Common Shares Held in Other Assets | Amount Outstanding | Common Shares Held in Other Assets | ||||||||||||
(dollars in thousands) | |||||||||||||||
Junior subordinated debentures payable to nonconsolidated trusts | |||||||||||||||
GW Statutory Trust IV, variable rate of 2.85%, plus 3 month LIBOR | $ | 23,093 | $ | 693 | $ | 23,093 | $ | 693 | |||||||
GW Statutory Trust VI, variable rate of 1.48%, plus 3 month LIBOR | 30,928 | 928 | 30,928 | 928 | |||||||||||
SSB Trust II, variable rate of 1.85%, plus 3 month LIBOR | 2,062 | 62 | 2,062 | 62 | |||||||||||
HF Capital Trust III, variable rate of 3.35%, plus 3 month LIBOR | 5,155 | 155 | 5,155 | 155 | |||||||||||
HF Capital Trust IV, variable rate of 3.10%, plus 3 month LIBOR | 7,217 | 217 | 7,217 | 217 | |||||||||||
HF Capital Trust V, variable rate of 1.83%, plus 3 month LIBOR | 5,310 | 310 | 5,310 | 310 | |||||||||||
HF Capital Trust VI, variable rate of 1.65%, plus 3 month LIBOR | 2,155 | 155 | 2,155 | 155 | |||||||||||
Total junior subordinated debentures payable | 75,920 | $ | 2,520 | 75,920 | $ | 2,520 | |||||||||
Less: fair value adjustment ¹ | (2,341 | ) | (2,409 | ) | |||||||||||
Total junior subordinated debentures payable, net of fair value adjustment | 73,579 | 73,511 | |||||||||||||
Subordinated notes payable | |||||||||||||||
Fixed to floating rate, 4.875% per annum | 35,000 | 35,000 | |||||||||||||
Less: unamortized debt issuance costs | (153 | ) | (209 | ) | |||||||||||
Total subordinated notes payable | 34,847 | 34,791 | |||||||||||||
Total subordinated debentures and subordinated notes payable | $ | 108,426 | $ | 108,302 | |||||||||||
1 Adjustment reflects the fair value adjustments related to the junior subordinated deferrable interest debentures assumed as part of the HF Financial acquisition. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Currently paid or payable | |||||||||||||||
Federal | $ | 11,881 | $ | 14,334 | $ | 32,632 | $ | 44,275 | |||||||
State | 2,951 | 3,341 | 8,345 | 8,042 | |||||||||||
Total | 14,832 | 17,675 | 40,977 | 52,317 | |||||||||||
Deferred tax expense | |||||||||||||||
Federal | 1,302 | 1,033 | 18,141 | 467 | |||||||||||
State | 225 | (271 | ) | 602 | (77 | ) | |||||||||
Total | 1,527 | 762 | 18,743 | 390 | |||||||||||
Total provision for income taxes | $ | 16,359 | $ | 18,437 | $ | 59,720 | $ | 52,707 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Income tax expense computed at the statutory rate | $ | 15,265 | $ | 18,725 | $ | 43,012 | $ | 55,941 | |||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||||
State income taxes, net of federal benefit | 2,396 | 1,995 | 6,752 | 5,177 | |||||||||||
Tax exempt interest income | (1,514 | ) | (2,057 | ) | (4,300 | ) | (6,091 | ) | |||||||
Impact of enacted federal income tax rate reduction | (115 | ) | — | 13,471 | — | ||||||||||
Other | 327 | (226 | ) | 785 | (2,320 | ) | |||||||||
Income tax expense, as reported | $ | 16,359 | $ | 18,437 | $ | 59,720 | $ | 52,707 |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Deferred tax assets: | |||||||
Allowance for loan and lease losses | $ | 16,210 | $ | 23,730 | |||
Compensation | 3,365 | 6,227 | |||||
Securities available for sale | 8,807 | 3,413 | |||||
Other real estate owned | 336 | 763 | |||||
Core deposit intangible and other fair value adjustments | 4,272 | 6,058 | |||||
Excess tax basis of FDIC indemnification asset and clawback liability | 3,703 | 4,563 | |||||
Excess tax basis of loans acquired over carrying value | 5,500 | 9,417 | |||||
Other reserves | 2,842 | 4,406 | |||||
Other | 4,940 | 6,922 | |||||
Total deferred tax assets | 49,975 | 65,499 | |||||
Deferred tax liabilities: | |||||||
Goodwill and other intangibles | (12,652 | ) | (13,784 | ) | |||
Premises and equipment | (5,615 | ) | (8,828 | ) | |||
Other | (221 | ) | (487 | ) | |||
Total deferred tax liabilities | (18,488 | ) | (23,099 | ) | |||
Net deferred tax assets | $ | 31,487 | $ | 42,400 |
June 30, 2018 | September 30, 2017 | ||||||||||||
Common Shares | Weighted-Average Grant Date Fair Value | Common Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Restricted Shares | |||||||||||||
Restricted shares, beginning of fiscal year | 180,337 | $ | 33.06 | 160,335 | $ | 26.89 | |||||||
Granted | 89,376 | 41.07 | 90,363 | 39.35 | |||||||||
Vested | (97,148 | ) | 32.08 | (68,293 | ) | 26.97 | |||||||
Forfeited | (8,139 | ) | 35.78 | (2,068 | ) | 30.91 | |||||||
Canceled | — | — | — | — | |||||||||
Restricted shares, end of period | 164,426 | $ | 37.86 | 180,337 | $ | 33.06 | |||||||
Vested, but not issuable at end of period | 39,514 | $ | 32.90 | 29,287 | $ | 30.05 | |||||||
Performance Shares | |||||||||||||
Performance shares, beginning of fiscal year | 133,604 | $ | 33.39 | 236,185 | $ | 20.28 | |||||||
Granted | 54,982 | 29.13 | 137,612 | 39.43 | |||||||||
Vested | — | — | (235,055 | ) | 18.00 | ||||||||
Forfeited | (4,487 | ) | 37.94 | (5,138 | ) | 19.80 | |||||||
Canceled | — | — | — | — | |||||||||
Performance shares, end of period | 184,099 | $ | 35.61 | 133,604 | $ | 33.39 | |||||||
Vested, but not issuable at end of period | 5,612 | $ | 18.00 | 5,612 | $ | 18.00 |
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities |
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
(dollars in thousands) | |||||||||||||||
As of June 30, 2018 | |||||||||||||||
U.S. Treasury securities | $ | 177,535 | $ | 177,535 | $ | — | $ | — | |||||||
Mortgage-backed securities | 1,125,150 | — | 1,125,150 | — | |||||||||||
States and political subdivision securities | 69,026 | — | 68,196 | 830 | |||||||||||
Other | 1,000 | — | 1,000 | — | |||||||||||
Total securities available for sale | $ | 1,372,711 | $ | 177,535 | $ | 1,194,346 | $ | 830 | |||||||
Derivatives-assets | $ | 3,646 | $ | — | $ | 3,646 | $ | — | |||||||
Derivatives-liabilities | 1,550 | — | 1,550 | — | |||||||||||
Fair value loans | 888,247 | — | 888,247 | — | |||||||||||
As of September 30, 2017 | |||||||||||||||
U.S. Treasury securities | $ | 228,603 | $ | 228,603 | $ | — | $ | — | |||||||
Mortgage-backed securities | 1,065,737 | — | 1,065,737 | — | |||||||||||
States and political subdivision securities | 72,586 | — | 71,517 | 1,069 | |||||||||||
Other | 1,034 | — | 1,034 | — | |||||||||||
Total securities available for sale | $ | 1,367,960 | $ | 228,603 | $ | 1,138,288 | $ | 1,069 | |||||||
Derivatives-assets | $ | — | $ | — | $ | — | $ | — | |||||||
Derivatives-liabilities | 17,155 | — | 17,155 | — | |||||||||||
Fair value loans | 1,016,576 | — | 1,016,576 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Balance, beginning of period | $ | 965 | $ | 1,224 | $ | 1,069 | $ | 1,315 | |||||||
Principal paydown | (135 | ) | (155 | ) | (239 | ) | (246 | ) | |||||||
Balance, end of period | $ | 830 | $ | 1,069 | $ | 830 | $ | 1,069 |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
(dollars in thousands) | |||||||||||||||
As of June 30, 2018 | |||||||||||||||
Other repossessed property | $ | 9,051 | $ | — | $ | — | $ | 9,051 | |||||||
Impaired loans | 200,093 | — | — | 200,093 | |||||||||||
Loans held for sale, at lower of cost or fair value | 6,805 | — | 6,805 | — | |||||||||||
Loan servicing rights | 3,328 | — | — | 3,328 | |||||||||||
Property held for sale | 1,107 | — | — | 1,107 | |||||||||||
As of September 30, 2017 | |||||||||||||||
Other repossessed property | $ | 7,728 | $ | — | $ | — | $ | 7,728 | |||||||
Impaired loans | 185,388 | — | — | 185,388 | |||||||||||
Loans held for sale, at lower of cost or fair value | 7,456 | — | 7,456 | — | |||||||||||
Loan servicing rights | 4,074 | — | — | 4,074 | |||||||||||
Property held for sale | 5,147 | — | — | 5,147 |
Fair Value of Assets / (Liabilities) at June 30, 2018 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | |||||||
(dollars in thousands) | |||||||||||
Other repossessed property | $ | 9,051 | Appraisal value | Property specific adjustment | N/A | N/A | |||||
Impaired loans | 200,093 | Appraisal value | Property specific adjustment | N/A | N/A | ||||||
Loan servicing rights | 3,328 | Discounted cash flows | Constant prepayment rate Discount rate | 7.9 - 20.2% 10.0 - 15.0% | 10.4% 11.8% | ||||||
Property held for sale | 1,107 | Appraisal value | Property specific adjustment | N/A | N/A |
June 30, 2018 | September 30, 2017 | ||||||||||||||||
Level in Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(dollars in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 294,614 | $ | 294,614 | $ | 360,396 | $ | 360,396 | ||||||||
Loans, net excluding fair valued loans, loans held for sale and impaired loans | Level 3 | 8,219,986 | 8,102,174 | 7,881,018 | 7,798,134 | ||||||||||||
Accrued interest receivable | Level 2 | 51,979 | 51,979 | 53,176 | 53,176 | ||||||||||||
Cash surrender value of life insurance policies | Level 2 | 30,245 | 30,245 | 29,619 | 29,619 | ||||||||||||
FHLB stock | Level 2 | 25,008 | 25,008 | 37,551 | 37,551 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits | Level 2 | $ | 9,585,318 | $ | 9,585,693 | $ | 8,977,613 | $ | 8,978,926 | ||||||||
FHLB advances and other borrowings | Level 2 | 335,000 | 336,094 | 643,214 | 645,421 | ||||||||||||
Securities sold under repurchase agreements | Level 2 | 105,478 | 105,478 | 132,636 | 132,636 | ||||||||||||
Accrued interest payable | Level 2 | 7,925 | 7,925 | 4,405 | 4,405 | ||||||||||||
Subordinated debentures and subordinated notes payable | Level 2 | 108,426 | 107,824 | 108,302 | 108,293 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
Net income | $ | 45,874 | $ | 35,060 | $ | 115,636 | $ | 107,125 | |||||||
Weighted average common shares outstanding | 58,948,944 | 58,790,314 | 58,930,963 | 58,776,546 | |||||||||||
Dilutive effect of stock based compensation | 221,114 | 340,318 | 203,672 | 288,856 | |||||||||||
Weighted average common shares outstanding for diluted earnings per share calculation | 59,170,058 | 59,130,632 | 59,134,635 | 59,065,402 | |||||||||||
Basic earnings per share | $ | 0.78 | $ | 0.60 | $ | 1.96 | $ | 1.82 | |||||||
Diluted earnings per share | $ | 0.78 | $ | 0.59 | $ | 1.96 | $ | 1.81 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands, except share and per share amounts) | |||||||||||||||
Operating Data: | |||||||||||||||
Interest income (FTE) | $ | 126,146 | $ | 110,713 | $ | 361,514 | $ | 327,929 | |||||||
Interest expense | 19,745 | 11,671 | 50,756 | 31,928 | |||||||||||
Noninterest income | 18,939 | 17,327 | 54,355 | 48,474 | |||||||||||
Noninterest expense | 57,863 | 54,922 | 171,875 | 161,312 | |||||||||||
Provision for loan and lease losses | 3,515 | 5,796 | 12,972 | 16,854 | |||||||||||
Net income | 45,874 | 35,060 | 115,636 | 107,125 | |||||||||||
Adjusted net income ¹ | 45,874 | 35,060 | 129,222 | 107,565 | |||||||||||
Common shares outstanding | 58,911,563 | 58,761,597 | 58,911,563 | 58,761,597 | |||||||||||
Weighted average diluted common shares outstanding | 59,170,058 | 59,130,632 | 59,134,635 | 59,065,402 | |||||||||||
Earnings per common share - diluted | $ | 0.78 | $ | 0.59 | $ | 1.96 | $ | 1.81 | |||||||
Adjusted earnings per common share - diluted ¹ | 0.78 | 0.59 | 2.19 | 1.82 | |||||||||||
Performance Ratios: | |||||||||||||||
Net interest margin (FTE) ¹ ² | 3.97 | % | 3.92 | % | 3.93 | % | 3.89 | % | |||||||
Adjusted net interest margin (FTE) ¹ ² | 3.94 | % | 3.79 | % | 3.87 | % | 3.73 | % | |||||||
Return on average total assets ² | 1.55 | % | 1.25 | % | 1.32 | % | 1.26 | % | |||||||
Return on average common equity ² | 10.2 | % | 8.2 | % | 8.7 | % | 8.5 | % | |||||||
Return on average tangible common equity ¹ ² | 17.7 | % | 14.8 | % | 15.2 | % | 15.5 | % | |||||||
Efficiency ratio ¹ | 45.8 | % | 46.7 | % | 46.7 | % | 46.3 | % | |||||||
1 This is a non-GAAP financial measure we believe is helpful to interpreting our financial results. For more information on this non-GAAP financial measure, including a reconciliation to the most directly comparable GAAP financial measure, see "—Non-GAAP Financial Measures" section. | |||||||||||||||
2 Annualized for all partial-year periods. |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Net interest income: | |||||||||||||||
Total interest income (FTE) | $ | 126,146 | $ | 110,713 | $ | 361,514 | $ | 327,929 | |||||||
Less: Total interest expense | 19,745 | 11,671 | 50,756 | 31,928 | |||||||||||
Net interest income (FTE) | $ | 106,401 | $ | 99,042 | $ | 310,758 | $ | 296,001 | |||||||
Net interest margin (FTE) and adjusted net interest margin (FTE) ¹ | |||||||||||||||
Average interest-earning assets | 10,748,078 | 10,124,404 | 10,577,420 | 10,185,187 | |||||||||||
Average interest-bearing liabilities | 10,039,113 | 9,485,260 | 9,897,046 | 9,556,764 | |||||||||||
Net interest margin (FTE) | 3.97 | % | 3.92 | % | 3.93 | % | 3.89 | % | |||||||
Adjusted net interest margin (FTE) ¹ | 3.94 | % | 3.79 | % | 3.87 | % | 3.73 | % | |||||||
1 This is a non-GAAP financial measure we believe is helpful to interpreting our financial results. For more information on this non-GAAP financial measure, including a reconciliation to the most directly comparable GAAP financial measure, see "—Non-GAAP Financial Measures" section. |
For the three months ended: | |||||||||||||||||||||
June 30, 2018 | June 30, 2017 | ||||||||||||||||||||
Average Balance | Interest (FTE) | Yield / Cost ¹ | Average Balance | Interest (FTE) | Yield / Cost ¹ | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Interest-bearing bank deposits | $ | 90,868 | $ | 424 | 1.87 | % | $ | 62,187 | $ | 163 | 1.05 | % | |||||||||
Investment securities | 1,357,808 | 7,471 | 2.21 | % | 1,398,370 | 6,803 | 1.95 | % | |||||||||||||
Non ASC 310-30 loans, net ² | 9,220,931 | 114,489 | 4.98 | % | 8,550,349 | 100,878 | 4.73 | % | |||||||||||||
ASC 310-30 loans, net | 78,471 | 3,762 | 19.23 | % | 113,498 | 2,869 | 10.14 | % | |||||||||||||
Loans, net | 9,299,402 | 118,251 | 5.10 | % | 8,663,847 | 103,747 | 4.80 | % | |||||||||||||
Total interest-earning assets | 10,748,078 | 126,146 | 4.71 | % | 10,124,404 | 110,713 | 4.39 | % | |||||||||||||
Noninterest-earning assets | 1,152,724 | 1,154,295 | |||||||||||||||||||
Total assets | $ | 11,900,802 | $ | 126,146 | 4.25 | % | $ | 11,278,699 | $ | 110,713 | 3.94 | % | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,793,784 | $ | 1,815,407 | |||||||||||||||||
Interest-bearing deposits | 6,101,679 | $ | 11,705 | 0.77 | % | 5,849,998 | $ | 7,172 | 0.49 | % | |||||||||||
Time deposits | 1,578,253 | 4,755 | 1.21 | % | 1,289,402 | 2,306 | 0.72 | % | |||||||||||||
Total deposits | 9,473,716 | 16,460 | 0.70 | % | 8,954,807 | 9,478 | 0.42 | % | |||||||||||||
Securities sold under agreements to repurchase | 99,897 | 80 | 0.32 | % | 118,373 | 86 | 0.29 | % | |||||||||||||
FHLB advances and other borrowings | 357,102 | 1,883 | 2.11 | % | 303,846 | 994 | 1.31 | % | |||||||||||||
Subordinated debentures and subordinated notes payable | 108,398 | 1,322 | 4.89 | % | 108,234 | 1,113 | 4.13 | % | |||||||||||||
Total borrowings | 565,397 | 3,285 | 2.33 | % | 530,453 | 2,193 | 1.66 | % | |||||||||||||
Total interest-bearing liabilities | 10,039,113 | $ | 19,745 | 0.79 | % | 9,485,260 | $ | 11,671 | 0.49 | % | |||||||||||
Noninterest-bearing liabilities | 65,623 | 77,979 | |||||||||||||||||||
Stockholders' equity | 1,796,066 | 1,715,460 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 11,900,802 | $ | 11,278,699 | |||||||||||||||||
Net interest spread | 3.46 | % | 3.45 | % | |||||||||||||||||
Net interest income and net interest margin (FTE) ¹ | $ | 106,401 | 3.97 | % | $ | 99,042 | 3.92 | % | |||||||||||||
Less: Tax equivalent adjustment | $ | 1,729 | $ | 2,154 | |||||||||||||||||
Net interest income and net interest margin - ties to Statements of Comprehensive Income | $ | 104,672 | 3.91 | % | $ | 96,888 | 3.84 | % | |||||||||||||
1 Annualized for all partial-year periods. | |||||||||||||||||||||
2 Interest income includes $0.9 million and $0.7 million for the third quarter of fiscal year 2018 and 2017, respectively, resulting from accretion of ASC 310-20 loan marks associated with acquired loans. |
For the nine months ended: | |||||||||||||||||||||
June 30, 2018 | June 30, 2017 | ||||||||||||||||||||
Average Balance | Interest (FTE) ¹ | Yield / Cost ² | Average Balance | Interest (FTE) ¹ | Yield / Cost ² | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Interest bearing bank deposits | $ | 71,915 | $ | 882 | 1.64 | % | $ | 146,209 | $ | 728 | 0.67 | % | |||||||||
Investment securities | 1,379,713 | 21,526 | 2.09 | % | 1,386,190 | 19,719 | 1.90 | % | |||||||||||||
Non ASC 310-30 loans, net ³ | 9,042,253 | 329,416 | 4.87 | % | 8,532,650 | 299,960 | 4.70 | % | |||||||||||||
ASC 310-30 loans, net | 83,539 | 9,690 | 15.51 | % | 120,138 | 7,522 | 8.37 | % | |||||||||||||
Loans, net | 9,125,792 | 339,106 | 4.97 | % | 8,652,788 | 307,482 | 4.75 | % | |||||||||||||
Total interest-earning assets | 10,577,420 | 361,514 | 4.57 | % | 10,185,187 | 327,929 | 4.30 | % | |||||||||||||
Noninterest-earning assets | 1,161,618 | 1,150,838 | |||||||||||||||||||
Total assets | $ | 11,739,038 | $ | 361,514 | 4.12 | % | $ | 11,336,025 | $ | 327,929 | 3.87 | % | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,808,110 | $ | 1,810,880 | |||||||||||||||||
Interest-bearing deposits | 5,972,877 | $ | 29,486 | 0.66 | % | 5,673,929 | $ | 18,060 | 0.43 | % | |||||||||||
Time deposits | 1,386,921 | 10,630 | 1.02 | % | 1,307,908 | 6,536 | 0.67 | % | |||||||||||||
Total deposits | 9,167,908 | 40,116 | 0.59 | % | 8,792,717 | 24,596 | 0.37 | % | |||||||||||||
Securities sold under agreements to repurchase | 110,959 | 259 | 0.31 | % | 124,249 | 298 | 0.32 | % | |||||||||||||
FHLB advances and other borrowings | 509,822 | 6,682 | 1.75 | % | 530,668 | 3,735 | 0.94 | % | |||||||||||||
Subordinated debentures and subordinated notes payable | 108,357 | 3,699 | 4.56 | % | 109,130 | 3,299 | 4.04 | % | |||||||||||||
Total borrowings | 729,138 | 10,640 | 1.95 | % | 764,047 | 7,332 | 1.28 | % | |||||||||||||
Total interest-bearing liabilities | 9,897,046 | $ | 50,756 | 0.69 | % | 9,556,764 | $ | 31,928 | 0.45 | % | |||||||||||
Noninterest-bearing liabilities | 66,225 | 89,770 | |||||||||||||||||||
Stockholders' equity | 1,775,767 | 1,689,491 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 11,739,038 | $ | 11,336,025 | |||||||||||||||||
Net interest spread | 3.43 | % | 3.42 | % | |||||||||||||||||
Net interest income and net interest margin (FTE) ¹ | $ | 310,758 | 3.93 | % | $ | 296,001 | 3.89 | % | |||||||||||||
Less: Tax equivalent adjustment | $ | 4,910 | $ | 6,477 | |||||||||||||||||
Net interest income and net interest margin - ties to Statements of Comprehensive Income | $ | 305,848 | 3.87 | % | $ | 289,524 | 3.80 | % | |||||||||||||
1 Annualized for all partial-year periods. | |||||||||||||||||||||
2 Interest income includes $2.1 million and $3.0 million for the first nine months of fiscal year 2018 and 2017, respectively, resulting from accretion of ASC 310-20 loan marks associated with acquired loans. |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Interest income: | |||||||||||||||
Loans (FTE) | $ | 118,251 | $ | 103,747 | $ | 339,106 | $ | 307,482 | |||||||
Investment securities | 7,471 | 6,803 | 21,526 | 19,719 | |||||||||||
Federal funds sold and other | 424 | 163 | 882 | 728 | |||||||||||
Total interest income (FTE) | 126,146 | 110,713 | 361,514 | 327,929 | |||||||||||
Less: Tax equivalent adjustment | 1,729 | 2,154 | 4,910 | 6,477 | |||||||||||
Total interest income (GAAP) | $ | 124,417 | $ | 108,559 | $ | 356,604 | $ | 321,452 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Interest expense | |||||||||||||||
Deposits | $ | 16,460 | $ | 9,478 | $ | 40,116 | $ | 24,596 | |||||||
FHLB advances and other borrowings | 1,963 | 1,080 | 6,941 | 4,033 | |||||||||||
Subordinated debentures and subordinated notes payable | 1,322 | 1,113 | 3,699 | 3,299 | |||||||||||
Total interest expense | $ | 19,745 | $ | 11,671 | $ | 50,756 | $ | 31,928 |
Current Quarter vs Comparable Quarter | Current 9 month period vs Comparable 9 month period | ||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 97 | $ | 164 | $ | 261 | $ | (509 | ) | $ | 663 | $ | 154 | ||||||||||
Investment securities | (202 | ) | 870 | 668 | (92 | ) | 1,899 | 1,807 | |||||||||||||||
Non ASC 310-30 loans | 8,160 | 5,451 | 13,611 | 18,320 | 11,136 | 29,456 | |||||||||||||||||
ASC 310-30 loans | (1,089 | ) | 1,982 | 893 | (2,806 | ) | 4,974 | 2,168 | |||||||||||||||
Loans | 7,071 | 7,433 | 14,504 | 15,514 | 16,110 | 31,624 | |||||||||||||||||
Total increase | 6,966 | 8,467 | 15,433 | 14,913 | 18,672 | 33,585 | |||||||||||||||||
Increase (decrease) in interest expense: | |||||||||||||||||||||||
Interest-bearing deposits | 321 | 4,212 | 4,533 | 997 | 10,429 | 11,426 | |||||||||||||||||
Time deposits | 603 | 1,846 | 2,449 | 416 | 3,678 | 4,094 | |||||||||||||||||
Securities sold under agreements to repurchase | (15 | ) | 9 | (6 | ) | (31 | ) | (8 | ) | (39 | ) | ||||||||||||
FHLB advances and other borrowings | 198 | 691 | 889 | (152 | ) | 3,099 | 2,947 | ||||||||||||||||
Subordinated debentures and subordinated notes payable | 2 | 207 | 209 | (24 | ) | 424 | 400 | ||||||||||||||||
Total increase | 1,109 | 6,965 | 8,074 | 1,206 | 17,622 | 18,828 | |||||||||||||||||
Increase in net interest income (FTE) | $ | 5,857 | $ | 1,502 | $ | 7,359 | $ | 13,707 | $ | 1,050 | $ | 14,757 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Provision for loan and lease losses, non ASC 310-30 loans * | $ | 3,505 | $ | 5,850 | $ | 13,105 | $ | 17,860 | |||||||
Provision for (reduction in) loan and lease losses, ASC 310-30 loans | 10 | (54 | ) | (133 | ) | (1,006 | ) | ||||||||
Provision for loan and lease losses, total | $ | 3,515 | $ | 5,796 | $ | 12,972 | $ | 16,854 | |||||||
* As presented above, the non ASC 310-30 loan portfolio includes originated loans, other than loans for which we have elected the fair value option, and loans we acquired that we did not determine were acquired with deteriorated credit quality. |
For the three months ended: | For the nine months ended: | |||||||||||||||
Item | Included within F/S Line Item(s): | June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Provision for loan and lease losses | Provision for loan and lease losses | $ | 3,515 | $ | 5,796 | $ | 12,972 | $ | 16,854 | |||||||
Net other repossessed property charges | Net loss on repossessed property and other related expenses | 305 | 152 | 1,519 | 1,208 | |||||||||||
Reversal of interest income on nonaccrual loans | Interest income on loans | 216 | 332 | 1,126 | 233 | |||||||||||
Loan fair value adjustment related to credit | Net increase (decrease) in fair value of loans at fair value | (123 | ) | (293 | ) | 197 | (4 | ) | ||||||||
Total | $ | 3,913 | $ | 5,987 | $ | 15,814 | $ | 18,291 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Noninterest income | |||||||||||||||
Service charges and other fees | $ | 12,655 | $ | 14,572 | $ | 37,879 | $ | 41,983 | |||||||
Wealth management fees | 2,242 | 2,433 | 6,761 | 7,116 | |||||||||||
Mortgage banking income, net | 1,352 | 1,828 | 4,178 | 6,130 | |||||||||||
Net gain on sale of securities | 15 | — | 6 | 44 | |||||||||||
Other | 1,952 | 1,522 | 6,801 | 4,878 | |||||||||||
Subtotal, product and service fees | 18,216 | 20,355 | 55,625 | 60,151 | |||||||||||
Net (decrease) increase in fair value of loans at fair value | (7,370 | ) | 6,060 | (30,872 | ) | (63,158 | ) | ||||||||
Net realized and unrealized gain on derivatives | 8,093 | (9,088 | ) | 29,602 | 51,481 | ||||||||||
Subtotal, loans at fair value and related derivatives | 723 | (3,028 | ) | (1,270 | ) | (11,677 | ) | ||||||||
Total noninterest income | $ | 18,939 | $ | 17,327 | $ | 54,355 | $ | 48,474 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | $ | 35,122 | $ | 32,868 | $ | 101,661 | $ | 96,872 | |||||||
Data processing and communication | 7,177 | 7,370 | 23,251 | 20,965 | |||||||||||
Occupancy and equipment | 4,974 | 4,866 | 15,112 | 14,812 | |||||||||||
Professional fees | 4,297 | 4,141 | 12,564 | 10,535 | |||||||||||
Advertising | 1,260 | 1,059 | 3,441 | 3,029 | |||||||||||
Net loss on repossessed property and other related expenses | 305 | 152 | 1,519 | 1,208 | |||||||||||
Amortization of core deposits and other intangibles | 416 | 538 | 1,268 | 1,927 | |||||||||||
Acquisition expenses | — | — | — | 710 | |||||||||||
Other | 4,312 | 3,928 | 13,059 | 11,254 | |||||||||||
Total noninterest expense | $ | 57,863 | $ | 54,922 | $ | 171,875 | $ | 161,312 |
Three Months Ended | Nine Months Ended | ||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||
Return on average total assets | 1.55 | % | 1.25 | % | 1.32 | % | 1.26 | % | |||
Return on average common equity | 10.2 | % | 8.2 | % | 8.7 | % | 8.5 | % | |||
Average common equity to average assets ratio | 15.1 | % | 15.2 | % | 15.1 | % | 14.9 | % |
As of | |||||||
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Balance Sheet and Other Information: | |||||||
Total assets | $ | 12,009,048 | $ | 11,690,011 | |||
Loans ³ | 9,379,819 | 8,968,553 | |||||
Allowance for loan and lease losses | 64,688 | 63,503 | |||||
Deposits | 9,585,318 | 8,977,613 | |||||
Stockholders' equity | 1,816,741 | 1,755,000 | |||||
Tangible common equity ¹ | 1,069,612 | 1,006,603 | |||||
Tier 1 capital ratio | 11.8 | % | 11.4 | % | |||
Total capital ratio | 12.8 | % | 12.5 | % | |||
Tier 1 leverage ratio | 10.6 | % | 10.3 | % | |||
Common equity tier 1 ratio | 11.0 | % | 10.7 | % | |||
Tangible common equity / tangible assets ¹ | 9.5 | % | 9.2 | % | |||
Book value per share - GAAP | $ | 30.84 | $ | 29.83 | |||
Tangible book value per share ¹ | $ | 18.16 | $ | 17.11 | |||
Nonaccrual loans / total loans | 1.36 | % | 1.54 | % | |||
Net charge-offs (recoveries) / average total loans ² | 0.17 | % | 0.26 | % | |||
Allowance for loan and lease losses / total loans | 0.69 | % | 0.71 | % | |||
¹ This is a non-GAAP financial measure we believe is helpful to interpreting our financial results. For more information on this non-GAAP financial measure, including a reconciliation to the most directly comparable GAAP financial measure, see "—Non-GAAP Financial Measures" section. | |||||||
² Annualized for partial-year periods, except for September 30, 2017, which was for the twelve month period. | |||||||
³ Loans include unpaid principal balance net of unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process. |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Unpaid principal balance: | |||||||
Commercial real estate ¹ | |||||||
Originated | $ | 4,122,857 | $ | 3,628,235 | |||
Acquired | 406,589 | 496,570 | |||||
Total | 4,529,446 | 4,124,805 | |||||
Agriculture ¹ | |||||||
Originated | 2,072,112 | 1,990,648 | |||||
Acquired | 104,206 | 131,490 | |||||
Total | 2,176,318 | 2,122,138 | |||||
Commercial non-real estate ¹ | |||||||
Originated | 1,705,735 | 1,670,349 | |||||
Acquired | 45,092 | 48,565 | |||||
Total | 1,750,827 | 1,718,914 | |||||
Residential real estate | |||||||
Originated | 689,813 | 724,906 | |||||
Acquired | 168,035 | 207,986 | |||||
Total | 857,848 | 932,892 | |||||
Consumer | |||||||
Originated | 44,471 | 56,467 | |||||
Acquired | 6,946 | 10,092 | |||||
Total | 51,417 | 66,559 | |||||
Other lending | |||||||
Originated | 44,187 | 43,132 | |||||
Acquired | — | 75 | |||||
Total | 44,187 | 43,207 | |||||
Total originated | 8,679,175 | 8,113,737 | |||||
Total acquired | 730,868 | 894,778 | |||||
Total unpaid principal balance | 9,410,043 | 9,008,515 | |||||
Less: Unamortized discount on acquired loans | (19,850 | ) | (29,121 | ) | |||
Less: Unearned net deferred fees and costs and loans in process | (10,374 | ) | (10,841 | ) | |||
Total loans | 9,379,819 | 8,968,553 | |||||
Allowance for loan and lease losses | (64,688 | ) | (63,503 | ) | |||
Loans, net | $ | 9,315,131 | $ | 8,905,050 | |||
1 Unpaid principal balance for commercial non-real estate, agriculture and commercial real estate loans includes fair value adjustments associated with long-term fixed-rate loans where we have entered into interest rate swaps to hedge our interest rate risk. |
June 30, 2018 | |||||||||||||||||||||||||||||||||
South Dakota | Iowa / Kansas / Missouri | Nebraska | Arizona | Colorado | North Dakota / Minnesota | Other ² | Total | % | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate ¹ | $ | 1,048,871 | $ | 1,200,442 | $ | 847,007 | $ | 539,139 | $ | 698,974 | $ | 208,196 | $ | (13,183 | ) | $ | 4,529,446 | 48.1 | % | ||||||||||||||
Agriculture ¹ | 692,271 | 391,260 | 153,694 | 764,222 | 181,295 | 3,118 | (9,542 | ) | 2,176,318 | 23.1 | % | ||||||||||||||||||||||
Commercial non-real estate ¹ | 329,435 | 817,318 | 354,659 | 67,391 | 128,874 | 7,309 | 45,841 | 1,750,827 | 18.6 | % | |||||||||||||||||||||||
Residential real estate | 206,614 | 255,614 | 193,346 | 25,036 | 134,475 | 17,732 | 25,031 | 857,848 | 9.1 | % | |||||||||||||||||||||||
Consumer | 20,920 | 15,986 | 11,317 | 730 | 1,025 | 675 | 764 | 51,417 | 0.6 | % | |||||||||||||||||||||||
Other lending | — | — | — | — | — | — | 44,187 | 44,187 | 0.5 | % | |||||||||||||||||||||||
Total | $ | 2,298,111 | $ | 2,680,620 | $ | 1,560,023 | $ | 1,396,518 | $ | 1,144,643 | $ | 237,030 | $ | 93,098 | $ | 9,410,043 | 100.0 | % | |||||||||||||||
% by location | 24.4 | % | 28.5 | % | 16.6 | % | 14.8 | % | 12.2 | % | 2.5 | % | 1.0 | % | 100.0 | % | |||||||||||||||||
1 Unpaid principal balance for commercial non-real estate, agriculture and commercial real estate loans includes fair value adjustments associated with long-term fixed-rate loans where we have entered into interest rate swaps to hedge our interest rate risk. | |||||||||||||||||||||||||||||||||
2 Balances in this column represent acquired workout loans and certain other loans managed by our staff, commercial and consumer credit card loans, fair value adjustments related to acquisitions and loans for which we have elected the fair value option, which could result in a negative carrying amount in the event of a net negative fair value adjustment. |
June 30, 2018 | |||
(dollars in thousands) | |||
Construction and development | $ | 733,612 | |
Owner-occupied CRE | 1,360,969 | ||
Non-owner-occupied CRE | 2,123,002 | ||
Multifamily residential real estate | 311,863 | ||
Commercial real estate | 4,529,446 | ||
Agriculture real estate | 997,835 | ||
Agriculture operating loans | 1,178,483 | ||
Agriculture | 2,176,318 | ||
Commercial non-real estate | 1,750,827 | ||
Home equity lines of credit | 242,921 | ||
Closed-end first lien | 456,587 | ||
Closed-end junior lien | 37,882 | ||
Residential construction | 120,458 | ||
Residential real estate | 857,848 | ||
Consumer | 51,417 | ||
Other | 44,187 | ||
Total unpaid principal balance | $ | 9,410,043 |
1 Year or Less | >1 Through 5 Years | >5 Years | Total | ||||||||||||
(dollars in thousands) | |||||||||||||||
Maturity distribution: | |||||||||||||||
Commercial real estate | $ | 469,368 | $ | 1,996,124 | $ | 2,063,954 | $ | 4,529,446 | |||||||
Agriculture | 1,065,884 | 696,761 | 413,673 | 2,176,318 | |||||||||||
Commercial non-real estate | 817,916 | 476,084 | 456,827 | 1,750,827 | |||||||||||
Residential real estate | 204,544 | 294,548 | 358,756 | 857,848 | |||||||||||
Consumer | 8,131 | 34,920 | 8,366 | 51,417 | |||||||||||
Other lending | 44,187 | — | — | 44,187 | |||||||||||
Total | $ | 2,610,030 | $ | 3,498,437 | $ | 3,301,576 | $ | 9,410,043 |
Fixed | Variable | Total | |||||||||
(dollars in thousands) | |||||||||||
Maturity distribution: | |||||||||||
Commercial real estate | $ | 1,993,685 | $ | 2,066,393 | $ | 4,060,078 | |||||
Agriculture | 851,949 | 258,485 | 1,110,434 | ||||||||
Commercial non-real estate | 597,502 | 335,409 | 932,911 | ||||||||
Residential real estate | 225,254 | 428,050 | 653,304 | ||||||||
Consumer | 34,327 | 8,959 | 43,286 | ||||||||
Total | $ | 3,702,717 | $ | 3,097,296 | $ | 6,800,013 |
Three Months Ended June 30, 2018 | Nine Months Ended June 30, 2018 | ||||||
(dollars in thousands) | |||||||
Beginning balance | $ | 16,726 | $ | 8,985 | |||
Additions to other repossessed property | 183 | 11,188 | |||||
Valuation adjustments and other | (472) | (997) | |||||
Sales | (6,216) | (8,955) | |||||
Ending balance | $ | 10,221 | $ | 10,221 |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
U.S. Treasury securities | $ | 178,774 | $ | 228,039 | |||
Mortgage-backed securities: | |||||||
Government National Mortgage Association | 445,376 | 511,457 | |||||
Federal Home Loan Mortgage Corporation | 250,832 | 169,147 | |||||
Federal National Mortgage Association | 194,515 | 170,247 | |||||
Small Business Assistance Program | 267,428 | 224,005 | |||||
States and political subdivision securities | 70,509 | 73,041 | |||||
Other | 1,006 | 1,006 | |||||
Total | $ | 1,408,440 | $ | 1,376,942 |
June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Due in one year or less | Due after one year through five years | Due after five years through ten years | Due after ten years | Mortgage-backed securities | Securities without contractual maturities | Total | |||||||||||||||||||||||||||||||||||
Amount | WA Yield | Amount | WA Yield | Amount | WA Yield | Amount | WA Yield | Amount | WA Yield | Amount | WA Yield | Amount | WA Yield | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 109,794 | 1.59 | % | $ | 68,980 | 1.67 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 178,774 | 1.62 | % | |||||||||||||
Mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 1,158,151 | 2.27 | % | — | — | % | 1,158,151 | 2.27 | % | ||||||||||||||||||||
States and political subdivision securities ¹ ² | 11,133 | 1.32 | % | 47,465 | 1.58 | % | 11,789 | 1.89 | % | 122 | 5.00 | % | — | — | % | — | — | % | 70,509 | 1.60 | % | ||||||||||||||||||||
Other | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | 1,006 | — | % | 1,006 | — | % | ||||||||||||||||||||
Total | $ | 120,927 | 1.57 | % | $ | 116,445 | 1.63 | % | $ | 11,789 | 1.89 | % | $ | 122 | 5.00 | % | $ | 1,158,151 | 2.27 | % | $ | 1,006 | — | % | $ | 1,408,440 | 2.15 | % | |||||||||||||
1 Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount. | |||||||||||||||||||||||||||||||||||||||||
2 Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par. |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Nonaccrual loans ¹ | |||||||
Commercial real estate ³ | $ | 29,910 | $ | 14,912 | |||
Agriculture ³ | 81,512 | 100,504 | |||||
Commercial non-real estate ³ | 9,152 | 13,674 | |||||
Residential real estate | |||||||
Loans covered by a FDIC loss-sharing agreement | 3,230 | 4,893 | |||||
Loans not covered by a FDIC loss-sharing agreement | 3,455 | 4,206 | |||||
Total | 6,685 | 9,099 | |||||
Consumer ³ | 56 | 123 | |||||
Total nonaccrual loans covered by a FDIC loss-sharing agreement | 3,230 | 4,893 | |||||
Total nonaccrual loans not covered by a FDIC loss-sharing agreement | 124,085 | 133,419 | |||||
Total nonaccrual loans | 127,315 | 138,312 | |||||
Other repossessed property | 10,221 | 8,985 | |||||
Total nonperforming assets | 137,536 | 147,297 | |||||
Restructured performing loans | 36,758 | 32,490 | |||||
Total nonperforming and restructured assets | $ | 174,294 | $ | 179,787 | |||
Accruing loans 90 days or more past due | $ | 60 | $ | 1,859 | |||
Nonperforming restructured loans included in total nonaccrual loans | $ | 64,361 | $ | 71,334 | |||
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Percent of total assets | |||||||
Nonaccrual loans ¹ | |||||||
Loans not covered by a FDIC loss-sharing agreement | 1.03 | % | 1.14 | % | |||
Total | 1.06 | % | 1.18 | % | |||
Other repossessed property | 0.09 | % | 0.08 | % | |||
Nonperforming assets ² | 1.15 | % | 1.26 | % | |||
Nonperforming and restructured assets ² | 1.45 | % | 1.54 | % | |||
1 Includes nonperforming restructured loans | |||||||
2 Includes nonaccrual loans, which includes nonperforming restructured loans. | |||||||
3 Loans not covered by a FDIC loss-sharing agreement |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Commercial real estate | |||||||
Performing TDRs | $ | 612 | $ | 1,121 | |||
Nonperforming TDRs | 2,623 | 5,351 | |||||
Total | 3,235 | 6,472 | |||||
Agriculture | |||||||
Performing TDRs | 32,203 | 22,678 | |||||
Nonperforming TDRs | 57,685 | 59,633 | |||||
Total | 89,888 | 82,311 | |||||
Commercial non-real estate | |||||||
Performing TDRs | 3,564 | 8,369 | |||||
Nonperforming TDRs | 3,792 | 5,641 | |||||
Total | 7,356 | 14,010 | |||||
Residential real estate | |||||||
Performing TDRs | 299 | 311 | |||||
Nonperforming TDRs | 261 | 688 | |||||
Total | 560 | 999 | |||||
Consumer | |||||||
Performing TDRs | 80 | 11 | |||||
Nonperforming TDRs | — | 21 | |||||
Total | 80 | 32 | |||||
Total performing TDRs | 36,758 | 32,490 | |||||
Total nonperforming TDRs | 64,361 | 71,334 | |||||
Total TDRs | $ | 101,119 | $ | 103,824 |
At and for the nine months ended June 30, 2018 | At and for the fiscal year ended September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Assets covered by a FDIC loss-sharing agreement | |||||||
Nonaccrual loans ¹ | $ | 3,230 | $ | 4,893 | |||
TDRs | 162 | 191 | |||||
Other repossessed property | 131 | — | |||||
Allowance for loan and lease losses, loans covered by a FDIC loss-sharing agreement | |||||||
Balance at beginning of period | $ | 196 | $ | 907 | |||
Additional impairment recorded | 273 | 196 | |||||
Recoupment of previously-recorded impairment | (302 | ) | (892 | ) | |||
Charge-offs | (11 | ) | (15 | ) | |||
Balance at end of period | $ | 156 | $ | 196 | |||
Other repossessed property covered by a loss-sharing agreement | |||||||
Balance at beginning of period | $ | — | $ | 106 | |||
Additions to other repossessed property | 131 | 14 | |||||
Sales | — | (120 | ) | ||||
Balance at end of period | $ | 131 | $ | — | |||
1 Includes nonperforming restructured loans. |
At and for the nine months ended June 30, 2018 | At and for the fiscal year ended September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Allowance for loan and lease losses: | |||||||
Balance at beginning of period | $ | 63,503 | $ | 64,642 | |||
Provision charged to expense | 13,105 | 22,210 | |||||
Recoupment of ASC 310-30 loans | (133 | ) | (671 | ) | |||
Charge-offs: | |||||||
Commercial real estate | (3,268 | ) | (2,043 | ) | |||
Agriculture | (4,959 | ) | (7,853 | ) | |||
Commercial non-real estate | (3,176 | ) | (12,576 | ) | |||
Residential real estate | (442 | ) | (809 | ) | |||
Consumer | (176 | ) | (196 | ) | |||
Other lending | (1,491 | ) | (2,403 | ) | |||
Total charge-offs | (13,512 | ) | (25,880 | ) | |||
Recoveries: | |||||||
Commercial real estate | 326 | 485 | |||||
Agriculture | 275 | 415 | |||||
Commercial non-real estate | 349 | 652 | |||||
Residential real estate | 216 | 507 | |||||
Consumer | 90 | 102 | |||||
Other lending | 469 | 1,041 | |||||
Total recoveries | 1,725 | 3,202 | |||||
Net loan charge-offs | (11,787 | ) | (22,678 | ) | |||
Balance at end of period | $ | 64,688 | $ | 63,503 | |||
Average total loans for the period ¹ | $ | 9,125,792 | $ | 8,695,672 | |||
Total loans at period end ¹ | $ | 9,379,819 | $ | 8,968,553 |
At and for the nine months ended June 30, 2018 | At and for the fiscal year ended September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Ratios | |||||||
Net charge-offs to average total loans ³ | 0.17 | % | 0.26 | % | |||
Allowance for loan and lease losses to: | |||||||
Total loans | 0.69 | % | 0.71 | % | |||
Nonaccruing loans ² | 52.13 | % | 47.60 | % | |||
1 Loans include unpaid principal balance net of unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process. | |||||||
2 Nonaccruing loans excludes loans covered by a FDIC loss-sharing agreement. | |||||||
3 Annualized for partial-year periods |
June 30, 2018 | September 30, 2017 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
(dollars in thousands) | |||||||||||||
Allocation of allowance for loan and lease losses: | |||||||||||||
Commercial real estate | $ | 17,685 | 27.3 | % | $ | 16,941 | 26.7 | % | |||||
Agriculture | 25,289 | 39.1 | % | 25,757 | 40.6 | % | |||||||
Commercial non-real estate | 15,860 | 24.6 | % | 14,114 | 22.2 | % | |||||||
Residential real estate | 4,553 | 7.0 | % | 5,347 | 8.4 | % | |||||||
Consumer | 287 | 0.4 | % | 329 | 0.5 | % | |||||||
Other lending | 1,014 | 1.6 | % | 1,015 | 1.6 | % | |||||||
Total | $ | 64,688 | 100.0 | % | $ | 63,503 | 100.0 | % |
June 30, 2018 | September 30, 2017 | ||||||||||||
Amount | Weighted Avg. Cost | Amount | Weighted Avg. Cost | ||||||||||
(dollars in thousands) | |||||||||||||
Non-interest-bearing demand | $ | 1,793,293 | — | % | $ | 1,856,126 | — | % | |||||
NOW accounts, money market and savings | 6,146,508 | 0.88 | % | 5,847,432 | 0.55 | % | |||||||
Time certificates, $250,000 or more | 372,034 | 1.70 | % | 273,365 | 1.16 | % | |||||||
Other time certificates | 1,273,483 | 1.07 | % | 1,000,690 | 0.78 | % | |||||||
Total | $ | 9,585,318 | 0.77 | % | $ | 8,977,613 | 0.48 | % |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
South Dakota | $ | 2,346,727 | $ | 2,231,857 | |||
Iowa / Kansas / Missouri | 2,813,278 | 2,561,315 | |||||
Nebraska | 2,499,720 | 2,521,631 | |||||
Arizona | 407,230 | 377,610 | |||||
Colorado | 1,168,429 | 1,153,058 | |||||
North Dakota / Minnesota | 49,282 | 51,527 | |||||
Corporate and other | 300,652 | 80,615 | |||||
Total deposits | $ | 9,585,318 | $ | 8,977,613 |
Greater than $250,000 | Less than or equal to $250,000 | ||||||
(dollars in thousands) | |||||||
Remaining maturity: | |||||||
Three months or less | $ | 69,745 | $ | 436,160 | |||
Over three through six months | 69,975 | 177,566 | |||||
Over six through twelve months | 103,867 | 299,394 | |||||
Over twelve months | 128,447 | 360,363 | |||||
Total | $ | 372,034 | $ | 1,273,483 | |||
Percent of total deposits | 3.9 | % | 13.3 | % |
At and for the Nine Months Ended June 30, 2018 | At and for the Fiscal Year Ended September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Short-term borrowings: | |||||||
Securities sold under agreements to repurchase | $ | 105,478 | $ | 132,636 | |||
FHLB advances | 160,000 | 587,200 | |||||
Total short-term borrowings | $ | 265,478 | $ | 719,836 | |||
Maximum amount outstanding at any month-end during the period | $ | 808,325 | $ | 719,836 | |||
Average amount outstanding during the period | $ | 520,756 | $ | 352,395 | |||
Weighted average rate for the period | 1.32 | % | 0.70 | % | |||
Weighted average rate as of date indicated | 0.96 | % | 1.24 | % |
Less Than 1 Year | 1 to 2 Years | 2 to 5 Years | >5 Years | Not Determined | Total | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Contractual Obligations: | |||||||||||||||||||||||
Customer deposits | $ | 1,131,602 | $ | 270,374 | $ | 217,102 | $ | 1,334 | $ | 7,964,906 | $ | 9,585,318 | |||||||||||
Securities sold under agreement to repurchase | 105,478 | — | — | — | — | 105,478 | |||||||||||||||||
FHLB advances and other borrowings | 160,000 | 150,000 | — | 25,000 | — | 335,000 | |||||||||||||||||
Subordinated debentures | — | — | — | 75,920 | — | 75,920 | |||||||||||||||||
Subordinated notes payable | — | — | — | 35,000 | — | 35,000 | |||||||||||||||||
Operating leases, net of sublease income | 5,239 | 4,539 | 8,757 | 6,629 | — | 25,164 | |||||||||||||||||
Accrued interest payable | 7,925 | — | — | — | — | 7,925 | |||||||||||||||||
Interest on FHLB advances | 4,447 | 3,549 | 2,745 | 81 | — | 10,822 | |||||||||||||||||
Interest on subordinated notes payable | 3,455 | 3,455 | 10,364 | 39,615 | — | 56,889 | |||||||||||||||||
Interest on subordinated debentures | 1,706 | 1,706 | 5,119 | 3,631 | — | 12,162 | |||||||||||||||||
Other Commitments: | |||||||||||||||||||||||
Commitments to extend credit—non-credit card | $ | 1,254,564 | $ | 156,602 | $ | 539,790 | $ | 251,091 | $ | — | $ | 2,202,047 | |||||||||||
Commitments to extend credit—credit card | 219,617 | — | — | — | — | 219,617 | |||||||||||||||||
Letters of credit | 69,050 | — | — | — | — | 69,050 |
June 30, 2018 | September 30, 2017 | ||||||
(dollars in thousands) | |||||||
Commitments to extend credit | $ | 2,421,664 | $ | 2,515,653 | |||
Letters of credit | 69,050 | 70,186 | |||||
Total | $ | 2,490,714 | $ | 2,585,839 |
Actual | ||||||||||||
Capital Amount | Ratio | Minimum Capital Requirement Ratio | Well Capitalized Ratio | |||||||||
(dollars in thousands) | ||||||||||||
Great Western Bancorp, Inc. | ||||||||||||
Tier 1 capital | $ | 1,179,947 | 11.8 | % | 6.0 | % | 8.0 | % | ||||
Total capital | 1,280,118 | 12.8 | % | 8.0 | % | 10.0 | % | |||||
Tier 1 leverage | 1,179,947 | 10.6 | % | 4.0 | % | 5.0 | % | |||||
Common equity Tier 1 | 1,106,367 | 11.0 | % | 6.375 | % | 6.5 | % | |||||
Risk-weighted assets | 10,031,721 | |||||||||||
Great Western Bank | ||||||||||||
Tier 1 capital | $ | 1,150,666 | 11.5 | % | 6.0 | % | 8.0 | % | ||||
Total capital | 1,215,837 | 12.1 | % | 8.0 | % | 10.0 | % | |||||
Tier 1 leverage | 1,150,666 | 10.3 | % | 4.0 | % | 5.0 | % | |||||
Common equity Tier 1 | 1,150,666 | 11.5 | % | 6.375 | % | 6.5 | % | |||||
Risk-weighted assets | 10,029,221 |
At or for the nine months ended: | At or for the three months ended: | ||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | |||||||||||||||||||||
(Dollars in thousands except share and per share amounts) | |||||||||||||||||||||||||||
Adjusted net income and adjusted earnings per common share: | |||||||||||||||||||||||||||
Net income - GAAP | $ | 115,636 | $ | 107,125 | $ | 45,874 | $ | 40,532 | $ | 29,230 | $ | 37,662 | $ | 35,060 | |||||||||||||
Add: Acquisition expenses, net of tax | — | 440 | — | — | — | — | — | ||||||||||||||||||||
Add: Deferred taxes revaluation | 13,586 | — | — | — | 13,586 | — | — | ||||||||||||||||||||
Adjusted net income | $ | 129,222 | $ | 107,565 | $ | 45,874 | $ | 40,532 | $ | 42,816 | $ | 37,662 | $ | 35,060 | |||||||||||||
Weighted average diluted common shares outstanding | 59,134,635 | 59,065,402 | 59,170,058 | 59,146,117 | 59,087,729 | 59,914,144 | 59,130,632 | ||||||||||||||||||||
Earnings per common share - diluted | $ | 1.96 | $ | 1.81 | $ | 0.78 | $ | 0.69 | $ | 0.49 | $ | 0.64 | $ | 0.59 | |||||||||||||
Adjusted earnings per common share - diluted | $ | 2.19 | $ | 1.82 | $ | 0.78 | $ | 0.69 | $ | 0.72 | $ | 0.64 | $ | 0.59 | |||||||||||||
Tangible net income and return on average tangible common equity: | |||||||||||||||||||||||||||
Net income - GAAP | $ | 115,636 | $ | 107,125 | $ | 45,874 | $ | 40,532 | $ | 29,230 | $ | 37,662 | $ | 35,060 | |||||||||||||
Add: Amortization of intangible assets, net of tax | 1,117 | 1,663 | 366 | 376 | 376 | 380 | 488 | ||||||||||||||||||||
Tangible net income | $ | 116,753 | $ | 108,788 | $ | 46,240 | $ | 40,908 | $ | 29,606 | $ | 38,042 | $ | 35,548 | |||||||||||||
Average common equity | $ | 1,775,767 | $ | 1,689,491 | $ | 1,796,066 | $ | 1,770,117 | $ | 1,761,127 | $ | 1,740,429 | $ | 1,715,460 | |||||||||||||
Less: Average goodwill and other intangible assets | 747,718 | 749,667 | 747,294 | 747,716 | 748,144 | 748,571 | 749,074 | ||||||||||||||||||||
Average tangible common equity | $ | 1,028,049 | $ | 939,824 | $ | 1,048,772 | $ | 1,022,401 | $ | 1,012,983 | $ | 991,858 | $ | 966,386 | |||||||||||||
Return on average common equity * | 8.7 | % | 8.5 | % | 10.2 | % | 9.3 | % | 6.6 | % | 8.6 | % | 8.2 | % | |||||||||||||
Return on average tangible common equity ** | 15.2 | % | 15.5 | % | 17.7 | % | 16.2 | % | 11.6 | % | 15.2 | % | 14.8 | % | |||||||||||||
* Calculated as net income - GAAP divided by average common equity. Annualized for partial-year periods. | |||||||||||||||||||||||||||
** Calculated as tangible net income divided by average tangible common equity. Annualized for partial-year periods. | |||||||||||||||||||||||||||
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis): | |||||||||||||||||||||||||||
Net interest income - GAAP | $ | 305,848 | $ | 289,524 | $ | 104,672 | $ | 100,553 | $ | 100,622 | $ | 99,672 | $ | 96,888 | |||||||||||||
Add: Tax equivalent adjustment | 4,910 | 6,477 | 1,729 | 1,616 | 1,565 | 2,122 | 2,154 | ||||||||||||||||||||
Net interest income (FTE) | 310,758 | 296,001 | 106,401 | 102,169 | 102,187 | 101,794 | 99,042 | ||||||||||||||||||||
Add: Current realized derivative gain (loss) | (4,946 | ) | (11,681 | ) | (830 | ) | (1,640 | ) | (2,476 | ) | (2,714 | ) | (3,320 | ) | |||||||||||||
Adjusted net interest income (FTE) | $ | 305,812 | $ | 284,320 | $ | 105,571 | $ | 100,529 | $ | 99,711 | $ | 99,080 | $ | 95,722 | |||||||||||||
Average interest-earning assets | $ | 10,577,420 | $ | 10,185,187 | $ | 10,748,078 | $ | 10,571,300 | $ | 10,412,882 | $ | 10,283,401 | $ | 10,124,404 | |||||||||||||
Net interest margin (FTE) * | 3.93 | % | 3.89 | % | 3.97 | % | 3.92 | % | 3.89 | % | 3.93 | % | 3.92 | % | |||||||||||||
Adjusted net interest margin (FTE) ** | 3.87 | % | 3.73 | % | 3.94 | % | 3.86 | % | 3.80 | % | 3.82 | % | 3.79 | % | |||||||||||||
* Calculated as net interest income (FTE) divided by average interest earning assets. Annualized for partial-year periods. | |||||||||||||||||||||||||||
** Calculated as adjusted net interest income (FTE) divided by average interest earning assets. Annualized for partial-year periods. | |||||||||||||||||||||||||||
At or for the nine months ended: | At or for the three months ended: | ||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | |||||||||||||||||||||
(Dollars in thousands except share and per share amounts) | |||||||||||||||||||||||||||
Adjusted interest income and adjusted yield (fully-tax equivalent basis), on non ASC 310-30 loans: | |||||||||||||||||||||||||||
Interest income - GAAP | $ | 324,506 | $ | 293,483 | $ | 112,760 | $ | 106,811 | $ | 104,935 | $ | 102,998 | $ | 98,724 | |||||||||||||
Add: Tax equivalent adjustment | 4,910 | 6,477 | 1,729 | 1,616 | 1,565 | 2,122 | 2,154 | ||||||||||||||||||||
Interest income (FTE) | 329,416 | 299,960 | 114,489 | 108,427 | 106,500 | 105,120 | 100,878 | ||||||||||||||||||||
Add: Current realized derivative gain (loss) | (4,946 | ) | (11,681 | ) | (830 | ) | (1,640 | ) | (2,476 | ) | (2,714 | ) | (3,320 | ) | |||||||||||||
Adjusted interest income (FTE) | $ | 324,470 | $ | 288,279 | $ | 113,659 | $ | 106,787 | $ | 104,024 | $ | 102,406 | $ | 97,558 | |||||||||||||
Average non ASC 310-30 loans | $ | 9,042,253 | $ | 8,532,650 | $ | 9,220,931 | $ | 9,064,899 | $ | 8,840,929 | $ | 8,728,514 | $ | 8,550,349 | |||||||||||||
Yield (FTE) * | 4.87 | % | 4.70 | % | 4.98 | % | 4.85 | % | 4.78 | % | 4.78 | % | 4.73 | % | |||||||||||||
Adjusted yield (FTE) ** | 4.80 | % | 4.52 | % | 4.94 | % | 4.78 | % | 4.67 | % | 4.65 | % | 4.58 | % | |||||||||||||
* Calculated as interest income (FTE) divided by average loans. Annualized for partial-year periods. | |||||||||||||||||||||||||||
** Calculated as adjusted interest income (FTE) divided by average loans. Annualized for partial-year periods. | |||||||||||||||||||||||||||
Efficiency ratio: | |||||||||||||||||||||||||||
Total revenue - GAAP | $ | 360,203 | $ | 337,998 | $ | 123,611 | $ | 119,295 | $ | 117,296 | $ | 114,412 | $ | 114,215 | |||||||||||||
Add: Tax equivalent adjustment | 4,910 | 6,477 | 1,729 | 1,616 | 1,565 | 2,122 | 2,154 | ||||||||||||||||||||
Total revenue (FTE) | $ | 365,113 | $ | 344,475 | $ | 125,340 | $ | 120,911 | $ | 118,861 | $ | 116,534 | $ | 116,369 | |||||||||||||
Noninterest expense | $ | 171,875 | $ | 161,312 | $ | 57,863 | $ | 59,144 | $ | 54,868 | $ | 55,332 | $ | 54,922 | |||||||||||||
Less: Amortization of intangible assets | 1,268 | 1,927 | 416 | 426 | 426 | 430 | 538 | ||||||||||||||||||||
Tangible noninterest expense | $ | 170,607 | $ | 159,385 | $ | 57,447 | $ | 58,718 | $ | 54,442 | $ | 54,902 | $ | 54,384 | |||||||||||||
Efficiency ratio * | 46.7 | % | 46.3 | % | 45.8 | % | 48.6 | % | 45.8 | % | 47.1 | % | 46.7 | % | |||||||||||||
* Calculated as the ratio of tangible noninterest expense to total revenue (FTE). | |||||||||||||||||||||||||||
Tangible common equity and tangible common equity to tangible assets: | |||||||||||||||||||||||||||
Total stockholders' equity | $ | 1,816,741 | $ | 1,732,983 | $ | 1,816,741 | $ | 1,788,698 | $ | 1,767,873 | $ | 1,755,000 | $ | 1,732,983 | |||||||||||||
Less: Goodwill and other intangible assets | 747,129 | 748,828 | 747,129 | 747,545 | 747,971 | 748,397 | 748,828 | ||||||||||||||||||||
Tangible common equity | $ | 1,069,612 | $ | 984,155 | $ | 1,069,612 | $ | 1,041,153 | $ | 1,019,902 | $ | 1,006,603 | $ | 984,155 | |||||||||||||
Total assets | $ | 12,009,048 | $ | 11,466,184 | $ | 12,009,048 | $ | 11,992,317 | $ | 11,806,581 | $ | 11,690,011 | $ | 11,466,184 | |||||||||||||
Less: Goodwill and other intangible assets | 747,129 | 748,828 | 747,129 | 747,545 | 747,971 | 748,397 | 748,828 | ||||||||||||||||||||
Tangible assets | $ | 11,261,919 | $ | 10,717,356 | $ | 11,261,919 | $ | 11,244,772 | $ | 11,058,610 | $ | 10,941,614 | $ | 10,717,356 | |||||||||||||
Tangible common equity to tangible assets | 9.5 | % | 9.2 | % | 9.5 | % | 9.3 | % | 9.2 | % | 9.2 | % | 9.2 | % | |||||||||||||
Tangible book value per share: | |||||||||||||||||||||||||||
Total stockholders' equity | $ | 1,816,741 | $ | 1,732,983 | $ | 1,816,741 | $ | 1,788,698 | $ | 1,767,873 | $ | 1,755,000 | $ | 1,732,983 | |||||||||||||
Less: Goodwill and other intangible assets | 747,129 | 748,828 | 747,129 | 747,545 | 747,971 | 748,397 | 748,828 | ||||||||||||||||||||
Tangible common equity | $ | 1,069,612 | $ | 984,155 | $ | 1,069,612 | $ | 1,041,153 | $ | 1,019,902 | $ | 1,006,603 | $ | 984,155 | |||||||||||||
Common shares outstanding | 58,911,563 | 58,761,597 | 58,911,563 | 58,896,189 | 58,896,189 | 58,834,066 | 58,761,597 | ||||||||||||||||||||
Book value per share - GAAP | $ | 30.84 | $ | 29.49 | $ | 30.84 | $ | 30.37 | $ | 30.02 | $ | 29.83 | $ | 29.49 | |||||||||||||
Tangible book value per share | $ | 18.16 | $ | 16.75 | $ | 18.16 | $ | 17.68 | $ | 17.32 | $ | 17.11 | $ | 16.75 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Estimated Increase (Decrease) in Annualized Adjusted Net Interest Income for the Quarter Ended June 30, 2018 | |||||
Change in Market Interest Rates as of June 30, 2018 | Twelve Months Ending June 30, 2018 | Twelve Months Ending June 30, 2019 | |||
Immediate Shifts | |||||
+400 basis points | 10.11 | % | 16.25 | % | |
+300 basis points | 7.60 | % | 12.24 | % | |
+200 basis points | 5.09 | % | 8.22 | % | |
+100 basis points | 2.55 | % | 4.15 | % | |
-100 basis points | (3.87 | )% | (5.83 | )% | |
Gradual Shifts | |||||
+400 basis points | 2.13 | % | |||
+300 basis points | 1.61 | % | |||
+200 basis points | 1.09 | % | |||
+100 basis points | 0.55 | % | |||
-100 basis points | (1.16 | )% |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
EX - 10.1 | Employment Agreement, dated as of June 15, 2018, between Great Western Bancorp, Inc. and Karlyn M. Knieriem (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Great Western Bancorp, Inc. on July 25, 2018 (File No. 001-36688)) |
EX - 11.1 | Statement regarding Computation of Per Share Earnings (included as Note 19 to the registrant's unaudited consolidated financial statements) |
EX - 31.1 | Rule 13a-14(a) Certification of Chief Executive Officer of Great Western Bancorp, Inc. in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 |
EX - 31.2 | Rule 13a-14(a) Certification of Chief Financial Officer of Great Western Bancorp, Inc. in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 |
EX - 32.1 | Section 1350 Certification of Chief Executive Officer of Great Western Bancorp, Inc. in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 |
EX - 32.2 | Section 1350 Certification of Chief Financial Officer of Great Western Bancorp, Inc. in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Great Western Bancorp, Inc. | |
Date: August 7, 2018 | By: ______/s/_Peter Chapman_________________ Name: Peter Chapman Title: Chief Financial Officer and Executive Vice President (Principal Financial Officer and Authorized Officer) |
Number | Description |
10.1*** | Employment Agreement, dated as of June 15, 2018, between Great Western Bancorp, Inc. and Karlyn M. Knieriem (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Great Western Bancorp, Inc. on July 25, 2018 (File No. 001-36688)) |
11.1 | Statement regarding Computation of Per Share Earnings (included as Note 19 to the registrant's unaudited consolidated financial statements) |
31.1* | Rule 13a-14(a) Certification of Chief Executive Officer of Great Western Bancorp, Inc. in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* | Rule 13a-14(a) Certification of Chief Financial Officer of Great Western Bancorp, Inc. in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* | Section 1350 Certification of Chief Executive Officer of Great Western Bancorp, Inc. in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2* | Section 1350 Certification of Chief Financial Officer of Great Western Bancorp, Inc. in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS** | XBRL Instance Document |
101.SCH** | XBRL Taxonomy Extension Schema Document |
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB** | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document |
* Filed herewith | |
** Furnished, not filed | |
*** Indicates management contract or compensatory plan |
1. | I have reviewed this Quarterly Report on Form 10-Q of Great Western Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(c) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 7, 2018 | By: | /s/ Ken Karels |
Name: | Ken Karels | |
Title: | Chairman, President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Great Western Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(c) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 7, 2018 | By: | /s/ Peter Chapman |
Name: | Peter Chapman | |
Title: | Executive Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 7, 2018 | By: | /s/ Ken Karels |
Name: | Ken Karels | |
Title: | Chairman, President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 7, 2018 | By: | /s/ Peter Chapman |
Name: | Peter Chapman | |
Title: | Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 01, 2018 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Great Western Bancorp, Inc. | |
Entity Central Index Key | 0001613665 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 58,911,563 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Assets | ||
Loans covered by FDIC loss share agreements | $ 46,477 | $ 57,537 |
Loans and written loan commitments at fair value under the fair value option | 888,247 | 1,016,576 |
Loan held for sale | 6,805 | 7,456 |
Property held for sale | 1,107 | 5,147 |
Property covered under FDIC loss share agreements | $ 131 | $ 0 |
Stockholders’ equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 58,911,563 | 58,834,066 |
Common stock, shares outstanding (in shares) | 58,911,563 | 58,834,066 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 45,874 | $ 35,060 | $ 115,636 | $ 107,125 |
Securities available for sale: | ||||
Net unrealized holding (loss) gain arising during the period | (5,671) | 1,896 | (26,596) | (17,757) |
Reclassification adjustment for net gain realized in net income | (15) | 0 | (6) | (44) |
Income tax benefit (expense) | 1,402 | (721) | 7,692 | 6,764 |
Net change in unrealized (loss) gain on securities available for sale | (4,284) | 1,175 | (18,910) | (11,037) |
Comprehensive income | $ 41,590 | $ 36,235 | $ 96,726 | $ 96,088 |
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Comprehensive Income |
Common Stock Par Value |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 263 | $ 751 | $ (488) | |||||||
Beginning balance at Sep. 30, 2016 | 1,663,391 | $ 587 | 1,312,347 | 344,923 | $ 5,534 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 107,125 | $ 107,125 | 107,125 | ||||||||
Other comprehensive (loss), net of tax | (11,037) | (11,037) | (11,037) | ||||||||
Comprehensive income | 96,088 | 96,088 | |||||||||
Stock-based compensation, net of tax | 4,963 | 4,963 | |||||||||
Common stock cash dividends | (31,722) | (31,722) | |||||||||
Ending balance at Jun. 30, 2017 | 1,732,983 | 587 | 1,318,061 | 419,838 | (5,503) | ||||||
Beginning balance at Sep. 30, 2017 | 1,755,000 | 588 | 1,314,039 | 445,747 | (5,374) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 115,636 | 115,636 | 115,636 | ||||||||
Other comprehensive (loss), net of tax | (18,910) | (18,910) | (18,910) | ||||||||
Comprehensive income | 96,726 | $ 96,726 | |||||||||
Stock-based compensation, net of tax | 3,289 | 1 | 3,288 | ||||||||
Reclassification due to adoption of ASU 2018-02 | [2] | 0 | 2,353 | (2,353) | |||||||
Common stock cash dividends | (38,274) | (38,274) | |||||||||
Ending balance at Jun. 30, 2018 | $ 1,816,741 | $ 589 | $ 1,317,327 | $ 525,462 | $ (26,637) | ||||||
|
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid on common stock (in dollars per share) | $ 0.65 | $ 0.54 |
Nature of Operations and Summary of Significant Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations and Summary of Significant Policies | Nature of Operations and Summary of Significant Policies Nature of Operations Great Western Bancorp, Inc. (the “Company”) is a bank holding company organized under the laws of Delaware and is listed on the New York Stock Exchange ("NYSE") under the symbol GWB. The primary business of the Company is ownership of its wholly owned subsidiary, Great Western Bank (the “Bank”). The Bank is a full-service regional bank focused on relationship-based business and agri-business banking in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The Company and the Bank are subject to the regulation of certain federal and/or state agencies and undergo periodic examinations by those regulatory authorities. Substantially all of the Company’s income is generated from banking operations. Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature. Certain previously reported amounts have been reclassified to conform to the current presentation. The unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended September 30, 2017, which includes a description of significant accounting policies. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year or any other period. The accompanying unaudited consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Subsequent Events The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. Other than those events described below, there were no other material events that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. On July 26, 2018, the Board of Directors of the Company declared a dividend of $0.25 per common share payable on August 22, 2018 to stockholders of record as of close of business on August 10, 2018. Correction of Prior Period Balances The consolidated statements of income for the quarter ended June 30, 2017 have been revised to correct an immaterial classification error in interest income and noninterest income related to credit card interchange income. As a result, the consolidated statements of income have been revised to reflect these changes as follows.
The above revisions had no effect on net income, earnings per share, retained earnings or capital ratios. Periods not presented herein will be revised, as applicable, as they are included in future filings. |
New Accounting Pronouncements |
9 Months Ended |
---|---|
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform Act") from other comprehensive income to retained earnings. ASU 2018-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company early adopted ASU 2018-02 during the second quarter of fiscal year 2018 with period of adoption application. Upon adoption, the Company made a policy election to reclassify stranded tax effects of approximately $2.4 million from accumulated other comprehensive income to retained earnings. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 is to be applied to all existing hedging relationships on the date of adoption and will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted in any interim period, with the effect of adoption reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the potential impact of ASU 2017-12 on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which addresses timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires institutions to measure all expected credit losses related to financial assets measured at amortized costs with an expected loss model based on historical experience, current conditions and reasonable and supportable forecasts relevant to affect the collectability of the financial assets, which is referred to as the current expected credit loss (CECL) model. ASU 2016-13 requires enhanced disclosures, including qualitative and quantitative requirements, to help understand significant estimates and judgments used in estimating credit losses, as well as provide additional information about the amounts recorded in the financial statements. ASU 2016-13 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted after December 15, 2018. The amendment requires the use of the modified retrospective approach for adoption. The Company has formed a project team to work on the implementation of ASU 2016-13 and is in the process of selecting a vendor to partner with to make the required changes to our existing credit loss estimation methodology. The Company is currently evaluating the potential impact on our consolidated financial statements, however, since the magnitude of the anticipated change in the allowance for credit losses will be impacted by economic conditions and trends in the Company’s portfolio at the time of adoption, the quantitative impact cannot yet be reasonably estimated. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires that lessees recognize the assets and liabilities arising from leases on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize an obligation for future lease payments measured on a discounted basis and a related right-of-use asset. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, "Revenue from Contracts with Customers." ASU 2016-02 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the potential impact of ASU 2016-02 on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which requires equity investments, in general, to be measured at fair value with changes in fair value recognized in earnings. It also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires entities to use the exit price notion when measuring fair value, requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the measurement category and form on the balance sheet or accompanying notes, clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity's other deferred tax assets, and simplifies the impairment assessment of equity investments without readily determinable fair values. ASU 2016-01 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company does not believe ASU 2016-01 will have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which implements a more robust framework that clarifies the principles for recognizing revenue and gives greater consistency and comparability in revenue recognition practices. In the new framework, an entity recognizes revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods or services. The new model requires the identification of performance obligations included in the contract with customers, a determination of the transaction price and an allocation of the price to those performance obligations. The entity recognizes revenue when performance obligations are satisfied. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, which intends to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, which clarifies guidance pertaining to the identification of performance obligations and the licensing implementation. In May 2016, the FASB issued ASU 2016-11 and 2016-12, which further clarify guidance and provide practical expedients related to the adoption of ASU 2014-09. The standard permits the use of either the retrospective or cumulative effect transition method. The standard, along with subsequent guidance from FASB, lists several items that are specifically out of scope for ASU 2014-09, including but not limited to core interest income, derivative instruments, investments, and loan origination fees. To address the new standard, the Company formed a working group and has completed the initial scoping phase to determine which revenue streams may be subject to accounting or disclosure changes upon adoption in October of 2018. Subsequent to this initial scoping, the Company selected a representative sample of contracts from the in-scope revenue streams for review under the amended guidance ("key contracts"). The review of key contracts is in process. Based on the analysis to date, we do not anticipate significant changes as a result of implementing the standard, but will conclude on quantitative and qualitative impacts during the fourth quarter. |
Securities Available for Sale |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities Available for Sale The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows.
The amortized cost and approximate fair value of debt securities available for sale as of June 30, 2018 and September 30, 2017, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without penalty.
Proceeds from sales of securities available for sale were $0.7 million and $25.9 million for the three and nine months ended June 30, 2018 and $0.0 million and $5.0 million for the three and nine months ended June 30, 2017, respectively. Negligible gross gains (pre-tax) or gross losses (pre-tax) were realized on the sales for the three and nine months ended June 30, 2018 and 2017 using the specific identification method. The Company recognized no other-than-temporary impairment for the three and nine months ended June 30, 2018 and 2017. Securities with an estimated fair value of approximately $901.1 million and $951.4 million at June 30, 2018 and September 30, 2017, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase, and for other purposes as required by contractual obligation or law. The counterparties do not have the right to sell or pledge the securities the Company has pledged as collateral. As detailed in the following tables, certain investments in debt securities, which are approximately 93% and 68% of the Company’s investment portfolio at estimated fair value at June 30, 2018 and September 30, 2017, respectively, are reported in the consolidated financial statements at an amount less than their amortized cost. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, implicit or explicit government guarantees, and information obtained from regulatory filings, management believes the declines in fair value of these securities are temporary. As the Company does not intend to sell the securities and it is not more likely than not the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be maturity, the Company does not consider the securities to be other-than-temporarily impaired at June 30, 2018 or September 30, 2017. The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
As of June 30, 2018 and September 30, 2017, the Company had 361 and 249 securities, respectively, in an unrealized loss position. |
Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The composition of loans as of June 30, 2018 and September 30, 2017, is as follows.
The loan segments above include loans covered by a FDIC loss sharing agreement totaling $46.5 million and $57.5 million as of June 30, 2018 and September 30, 2017, respectively, residential real estate loans held for sale totaling $6.8 million and $7.5 million at June 30, 2018 and September 30, 2017, respectively, and $888.2 million and $1.02 billion of loans accounted for at fair value at June 30, 2018 and September 30, 2017, respectively. Unearned net deferred fees and costs totaled $13.1 million and $11.6 million as of June 30, 2018 and September 30, 2017, respectively. Loans in process represent loans that have been funded as of the balance sheet dates but not classified into a loan category and loan payments received as of the balance sheet dates that have not been applied to individual loan accounts. Loans in process totaled $(2.7) million and $(0.8) million at June 30, 2018 and September 30, 2017, respectively. Loans guaranteed by agencies of the U.S. government totaled $169.7 million and $168.3 million at June 30, 2018 and September 30, 2017, respectively. Principal balances of residential real estate loans sold totaled $72.7 million and $66.0 million for the three months ended June 30, 2018 and 2017, respectively, and $190.5 million and $211.1 million for the nine months ended June 30, 2018 and 2017, respectively. Nonaccrual Interest income on loans is accrued daily on the outstanding balances. Accrual of interest is discontinued when management believes, after considering collection efforts and other factors, the borrower’s financial condition is such that collection of interest is doubtful, which is usually at 90 days past due. Generally, when loans are placed on nonaccrual status, interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Loans are removed from nonaccrual status when they become current as to both principal and interest and concern no longer exists as to the collectability of principal and interest. The following table presents the Company’s nonaccrual loans at June 30, 2018 and September 30, 2017, excluding ASC 310-30 loans. Loans greater than 90 days past due and still accruing interest as of June 30, 2018 and September 30, 2017, were $0.1 million and $1.9 million, respectively.
Credit Quality Information The Company assigns all non-consumer loans a credit quality risk rating. These ratings are Pass, Watch, Substandard, Doubtful, and Loss. Loans with a Pass and Watch rating represent those loans not classified on the Company’s rating scale for problem credits, with loans with a Watch rating being monitored and updated at least quarterly by management. Substandard loans are those where a well-defined weakness has been identified that may put full collection of contractual debt at risk. Doubtful loans are those where a well-defined weakness has been identified and a loss of contractual debt is probable. Substandard and doubtful loans are monitored and updated monthly. All loan risk ratings are updated and monitored on a continuous basis. The Company generally does not risk rate residential real estate or consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Alternatively, standard credit scoring systems are used to assess credit risks of consumer loans. The following table presents the composition of the loan portfolio by internally assigned grade as of June 30, 2018 and September 30, 2017. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
Past Due Loans The following table presents the Company’s past due loans at June 30, 2018 and September 30, 2017. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
Impaired Loans The following table presents the Company’s impaired loans. This table excludes purchased credit impaired loans and loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
The following table presents the average recorded investment on impaired loans and interest income recognized on impaired loans for the three and nine months ended June 30, 2018 and 2017, respectively, are as follows.
Valuation adjustments made to repossessed properties totaled $0.5 million and $0.1 million for the three months ended June 30, 2018 and 2017 and $1.2 million and $1.0 million for the nine months ended June 30, 2018 and 2017, respectively. The adjustments are included in net loss recognized on repossessed property and other related expenses in noninterest expense. Troubled Debt Restructurings Included in certain loan categories in the impaired loans are troubled debt restructurings (“TDRs”) that were classified as impaired. These TDRs do not include purchased credit impaired loans. When the Company grants concessions to borrowers such as reduced interest rates or extensions of loan periods that would not be considered other than because of borrowers’ financial difficulties, the modification is considered a TDR. Specific reserves included in the allowance for loan and lease losses for TDRs were $10.4 million and $8.8 million at June 30, 2018 and September 30, 2017, respectively. There were $5.2 million commitments to lend additional funds to borrowers whose loans were modified in a TDR as of June 30, 2018 and negligible commitments to lend additional funds to borrowers whose loans were modified in a TDR as of September 30, 2017. The following table presents the recorded value of the Company’s TDR balances as of June 30, 2018 and September 30, 2017.
The following table presents a summary of all accruing loans restructured in TDRs through either a rate modification, term extension, payment modification or due to a bankruptcy during the three and nine months ended June 30, 2018 and 2017.
The following table presents a summary of all non-accruing loans restructured in TDRs through either a rate modification, term extension, payment modification or due to a bankruptcy during the three and nine months ended June 30, 2018 and 2017.
The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default for the three and nine months ended June 30, 2018 and 2017, respectively.
For purposes of the table above, a loan is considered to be in payment default once it is 90 days or more contractually past due under the modified terms. The table includes loans that experienced a payment default during the period, but may be performing in accordance with the modified terms as of the balance sheet date. For the three months ended June 30, 2018 and 2017, there were $0.2 million and $3.4 million, respectively, and $0.8 million and $5.5 million for the nine months ended June 30, 2018 and 2017, respectively, of loans removed from TDR status as they were restructured at market terms and are performing. |
Allowance for Loan and Lease Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The allowance for loan and lease losses is determined based on an ongoing evaluation, driven primarily by monitoring changes in loan risk grades, delinquencies, and other credit risk indicators, which are inherently subjective. The Company considers the uncertainty related to certain industry sectors and the extent of credit exposure to specific borrowers within the portfolio. In addition, consideration is given to concentration risks associated with the various loan portfolios and current economic conditions that might impact the portfolio. The Company also considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry, or customer-specific concentrations), trends in loan performance, the level of allowance coverage relative to similar banking institutions and macroeconomic factors, such as changes in unemployment rates, gross domestic product, and consumer bankruptcy filings. Changes to the allowance for loan and lease losses are made by charges to the provision for loan and lease losses, which is reflected on the consolidated statements of income. Past due status is monitored as an indicator of credit deterioration. Loans that are 90 days or more past due are put on nonaccrual status unless a repayment is eminent. Loans deemed to be uncollectible are charged off against the allowance for loan and lease losses. Recoveries of amounts previously charged-off are credited to the allowance for loan and lease losses. The allowance for loan and lease losses consist of reserves for probable losses that have been identified related to specific borrowing relationships that are individually evaluated for impairment (“specific reserve”), as well as probable losses inherent in our loan portfolio that are not specifically identified (“collective reserve”). The specific reserve relates to impaired loans. A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due (interest as well as principal) according to the contractual terms of the loan agreement. Specific reserves are determined on a loan-by-loan basis based on management’s best estimate of the Company's exposure, given the current payment status of the loan, the present value of expected payments, and the value of any underlying collateral. Impaired loans also include loans modified in troubled debt restructurings. Generally, the impairment related to troubled debt restructurings is measured based on the fair value of the collateral, less cost to sell, or the present value of expected payments relative to the unpaid principal balance. If the impaired loan is identified as collateral dependent, then the fair value of the collateral method of measuring the amount of the impairment is utilized. This method requires obtaining an independent appraisal of the collateral and reducing the appraised value by applying a discount factor to the appraised value, if necessary, and including costs to sell. Management’s estimate for collective reserves reflects losses incurred in the loan portfolio as of the consolidated balance sheet reporting date. Incurred loss estimates primarily are based on historical loss experience and portfolio mix. Incurred loss estimates may be adjusted for qualitative factors such as current economic conditions and current portfolio trends including credit quality, concentrations, aging of the portfolio, and/or significant policy and underwriting changes. The following tables present the Company’s allowance for loan and lease losses roll forward for the three and nine months ended June 30, 2018 and 2017.
The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance as of June 30, 2018 and September 30, 2017. These tables are presented net of unamortized discount on acquired loans and excludes loans of $888.2 million measured at fair value, loans held for sale of $6.8 million, and guaranteed loans of $161.3 million for June 30, 2018 and loans measured at fair value of $1.02 billion, loans held for sale of $7.5 million, and guaranteed loans of $168.3 million for September 30, 2017.
For acquired loans not accounted for under ASC 310-30 (purchased non-impaired), the Company utilizes specific and collective reserve calculation methods similar to originated loans. The required ALLL for these loans is included in the individually evaluated for impairment bucket of the ALLL if the loan is rated substandard or worse, and in the collectively evaluated for impairment bucket for pass rated loans. The Company maintains an ALLL for acquired loans accounted for under ASC 310-30 as a result of impairment to loan pools arising from the periodic re-valuation of these loans. Any impairment in the individual pool is generally recognized in the current period as provision for loan and lease losses. Any improvement in the estimated cash flows, is generally not recognized immediately, but is instead reflected as an adjustment to the related loan pools yield on a prospective basis once any previously recorded impairment has been recaptured. The ALLL for ASC 310-30 loans totaled $0.8 million at June 30, 2018, compared to $1.0 million at September 30, 2017. For the three and nine months ended June 30, 2018, loan pools accounted for under ASC 310-30 had a negligible net provision and a net reversal of provision of $0.1 million, respectively. The net provision for the three month period ended June 30, 2018 was a result of cash flows being lower than expected in one of the pools during the period while the net reversal of provision for the nine month period ended June 30, 2018 was driven by an overall increase in expected cash flows. Net provision reversal for the three and nine months ended June 30, 2017, totaled $0.1 million and $1.0 million, respectively. The net reversals of provision for the periods ended June 30, 2017 were a result of updated assumptions being applied to one of the acquired mortgage pools which resulted in higher than expected cash flows. The reserve for unfunded loan commitments was $0.5 million at both June 30, 2018 and September 30, 2017 and is recorded in accrued expenses and other liabilities on the consolidated balance sheets. |
Accounting for Certain Loans Acquired with Deteriorated Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Certain Loans Acquired with Deteriorated Credit Quality | Accounting for Certain Loans Acquired with Deteriorated Credit Quality In June 2010 and May 2016, the Company acquired certain loans that had deteriorated credit quality (ASC 310-30 loans or Purchased Credit Impaired loans). Several factors were considered when evaluating whether a loan was considered a purchased credit impaired loan, including the delinquency status of the loan, updated borrower credit status, geographic information and updated loan-to-values ("LTV"). Further, these purchased credit impaired loans had differences between contractual amounts owed and cash flows expected to be collected, that were at least in part, due to credit quality. U.S. GAAP allows purchasers to aggregate purchased credit impaired loans acquired in the same fiscal quarter in one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Loan pools are periodically reassessed to determine expected cash flows. In determining the expected cash flows, the timing of cash flows and prepayment assumptions for smaller, homogeneous loans are based on statistical models that take into account factors such as the loan interest rate, credit profile of the borrowers, the years in which the loans were originated, and whether the loans are fixed or variable rate loans. Prepayments may be assumed on large individual loans that consider similar prepayment factors listed above for smaller homogeneous loans. The re-assessment of purchased credit impaired loans resulted in the following changes in the accretable yield during the three and nine months ended June 30, 2018 and 2017.
The reclassifications from nonaccretable difference noted in the table above represent instances where specific pools of loans are expected to perform better over the remaining lives of the loans than expected at the prior re-assessment date. The following table provides purchased credit impaired loans at June 30, 2018 and September 30, 2017.
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FDIC Indemnification Asset |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC Indemnification Asset | FDIC Indemnification Asset Under the terms of the purchase and assumption agreement with the FDIC with regard to the TierOne Bank acquisition, the Company is reimbursed for a portion of the losses incurred on covered assets. As covered assets are resolved, whether it be through repayment, short sale of the underlying collateral, the foreclosure on or sale of collateral, or the sale or charge-off of loans or other repossessed property, any differences between the carrying value of the covered assets versus the payments received during the resolution process, that are reimbursable by the FDIC, are recognized as reductions in the FDIC indemnification asset. Any gains or losses realized from the resolution of covered assets reduce or increase, respectively, the amount recoverable from the FDIC. The following table represents a summary of the activity related to the FDIC indemnification asset for the three and nine months ended June 30, 2018 and 2017.
The loss claims filed are subject to review, approval, and annual audits by the FDIC or its assigned agents for compliance with the terms in the loss sharing agreement. The commercial loss share agreement claim period ended on June 4, 2015. The non-commercial loss share agreement ends June 4, 2020. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Company uses interest rate swaps to manage its interest rate risk and market risk in accommodating the needs of its customers. The Company recognizes all derivatives on the consolidated balance sheet at fair value in either other assets or accrued expenses and other liabilities as appropriate. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by the Company as of June 30, 2018 and September 30, 2017.
Netting of Derivatives We record the derivatives on a net basis when a right of offset exists, based on transactions with a single counterparty that are subject to a legally enforceable master netting agreement. When bilateral netting agreements or similar agreements exist between the Company and its counterparties that create a single legal claim or obligation to pay or receive the net amount in settlement of the individual derivative contracts, the Company reports derivative assets and liabilities on a net by derivative contract by counterparty basis. The following tables provide information on the Company's netting adjustments as of June 30, 2018 and September 30, 2017.
As with any financial instrument, derivative financial instruments have inherent risk including adverse changes in interest rates. The Company’s exposure to derivative credit risk is defined as the possibility of sustaining a loss due to the failure of the counterparty to perform in accordance with the terms of the contract. Credit risks associated with interest rate swaps are similar to those relating to traditional on-balance sheet financial instruments. The Company manages interest rate swap credit risk with the same standards and procedures applied to its commercial lending activities. Credit-risk-related contingent features The Company has agreements with its derivative counterparties that contain a provision where if the Company or the derivative counterparty fails to maintain its status as a well/adequately capitalized institution, then the other party has the right to terminate the derivative positions and the Company or the derivative counterparty would be required to settle its obligations under the agreements. The Company has minimum collateral posting thresholds with its Swap Dealers and Futures Clearing Merchant. Beginning in the second quarter of fiscal year 2018, the Company entered into risk participation agreements ("RPA"s) with some of its derivative counterparties to assume the credit exposure related to interest rate derivative contracts. The Company's loan customer enters into an interest rate swap directly with a derivative counterparty and the Company agrees through an RPA to take on the counterparty's risk of loss on the interest rate swap due to a default by the customer. The notional amounts of RPAs sold were $37.4 million as of June 30, 2018. Assuming all underlying loan customers defaulted on their obligation to perform under the interest rate swap with a derivative counterparty, the exposure from these RPAs would be $0.8 million at June 30, 2018 based on the fair value of the underlying swaps. The effect of derivatives on the consolidated statements of income for the three and nine months ended June 30, 2018 and 2017 was as follows.
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The Fair Value Option for Certain Loans |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fair Value Option For Certain Loans | The Fair Value Option for Certain Loans The Company has elected to measure certain long-term loans at fair value to assist in managing the interest rate risk for longer-term loans. This fair value option was elected upon the origination of these loans. Interest income is recognized in the same manner as interest on non-fair value loans. See Note 18 for additional disclosures regarding the fair value of the fair value option loans. Long-term loans for which the fair value option has been elected had a net unfavorable difference between the aggregate fair value and the aggregate unpaid loan principal balance and written loan commitment amount of approximately $28.4 million at June 30, 2018 and a net favorable difference of approximately $8.8 million at September 30, 2017. The total unpaid principal balance of these long-term loans was approximately $916.6 million and $1.01 billion at June 30, 2018 and September 30, 2017, respectively. The fair value of these loans is included in total loans in the consolidated balance sheets and are grouped with commercial real estate, agricultural and commercial non-real estate loans in Note 4. As of June 30, 2018 and September 30, 2017, there were loans with a fair value of $13.2 million and $14.7 million, respectively, which were greater than 90 days past due or in nonaccrual status with an unpaid principal balance of $14.7 million and $17.0 million, respectively. Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported within the consolidated statements of income are as follows for the three and nine months ended June 30, 2018 and 2017.
For long-term loans, $0.1 million and $0.3 million for the three months ended June 30, 2018 and 2017, respectively, and $0.2 million and a negligible amount for the nine months ended June 30, 2018 and 2017, respectively, of the total change in fair value is attributable to changes in specific credit risk. The gains or losses attributable to changes in instrument-specific credit risk were determined based on an assessment of existing market conditions and credit quality of the underlying loan for the specific portfolio of loans. |
Core Deposits and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Deposits and Other Intangibles | Core Deposits and Other Intangibles The following table presents a summary of intangible assets subject to amortization as of June 30, 2018 and September 30, 2017.
Amortization expense of intangible assets was $0.4 million and $0.5 million for the three months ended June 30, 2018 and 2017, respectively, and $1.3 million and $1.9 million for the nine months ended June 30, 2018 and 2017. The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in subsequent fiscal years is as follows.
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Loan Servicing Rights |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing Rights | Loan Servicing Rights Loan servicing rights are created when residential mortgage loans are sold in the secondary market with the seller retaining the right to service those loans and receive servicing income over the life of the loan. The Company acquired loan servicing rights as a part of the acquisition of HF Financial. The actual balance of loans being serviced for others are not reported as assets in the accompanying consolidated balance sheets. The following table is the activity for loan servicing rights and the related valuation allowance for the three and nine months ended June 30, 2018 and 2017.
Amortization of servicing rights is adjusted each quarter based upon analysis of portfolio attributes and factors, including an evaluation of historical prepayment activity and prospective industry consensus data. An independent third party is utilized to calculate the amortization and valuation based upon specific loan characteristics, prepayment speeds generated from a validation model utilizing both empirical and market derived data and discount rates. At June 30, 2018, the constant prepayment rates (CPR) used to calculate the amortization averaged 10.4%. For valuation purposes, an average discount rate of 11.8% was utilized at June 30, 2018. Based on the Company's analysis of mortgage servicing rights, a negligible valuation reserve was recorded at June 30, 2018, and a $0.1 million valuation reserve was recorded at September 30, 2017. |
Securities Sold Under Agreements to Repurchase |
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Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase generally mature overnight following the transaction date. Securities underlying the agreements had an amortized cost of approximately $135.1 million and $139.3 million and fair value of approximately $129.6 million and $137.4 million at June 30, 2018 and September 30, 2017, respectively. In most cases, in alignment with the repurchase agreements in place with our customers, the Company over-collateralizes the agreements at 102% of total funds borrowed to protect the purchaser from changes in market value. Additionally, the Company utilizes held-in-custody procedures to ensure the securities sold under repurchase agreements are unencumbered. The following tables present the gross obligation by the class of collateral pledged and the remaining contractual maturity of the agreements at June 30, 2018 and September 30, 2017.
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FHLB Advances and Other Borrowings |
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Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB Advances and Other Borrowings | FHLB Advances and Other Borrowings FHLB advances and other borrowings consist of the following at June 30, 2018 and September 30, 2017.
The Company had a $10.0 million revolving line of credit which expired on July 28, 2018. The line of credit had an interest rate of one month LIBOR plus 200 basis points, with interest payable monthly. The interest rate was 4.09% at June 30, 2018. There were no outstanding advances on this line of credit at June 30, 2018 and September 30, 2017. As of June 30, 2018 and September 30, 2017, the Company had a borrowing capacity of $1.52 billion and $1.89 billion, respectively, with the Federal Reserve Board Discount Window ("FRB Discount Window"). Principal balances of loans pledged to FRB Discount Window to collateralize the borrowing totaled $1.83 billion at June 30, 2018 and $2.55 billion at September 30, 2017. The Company has secured this line for contingency funding. As of June 30, 2018 and September 30, 2017, based on its collateral pledged, the additional borrowing capacity of the Company with the FHLB was $1.79 billion and $1.55 billion, respectively. Principal balances of loans pledged to the FHLB to collateralize notes payable totaled $3.20 billion and $3.71 billion at June 30, 2018 and September 30, 2017, respectively. In second quarter of fiscal year 2018, the Company purchased a letter of credit from the FHLB for $150.0 million which is pledged as collateral on public deposits. This letter of credit is committed until January 29, 2019. As of June 30, 2018, FHLB advances and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows.
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Subordinated Debentures and Subordinated Notes Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debentures and Subordinated Notes Payable | Subordinated Debentures and Subordinated Notes Payable Junior Subordinated Deferrable Interest Debentures The Company has seven trusts which were created or assumed as part of prior acquisitions that as of June 30, 2018 have issued and outstanding in the aggregate 73,400 shares, $1,000 par value, of Company Obligated Mandatorily Redeemable Preferred Securities (the "Preferred Securities"). These seven trusts were established and exist for the sole purpose of issuing Preferred Securities and investing the proceeds in junior subordinated deferrable interest debentures (the "Debentures") issued by the Company. The Debentures constitute the sole assets of the seven trusts. The Preferred Securities provide for cumulative cash distributions calculated at a rate based on three month LIBOR plus a range from 1.48% to 3.35% adjusted quarterly. The Company may, at one or more times, defer interest payments on the Debentures for up to 20 consecutive quarters following suspension of dividends on all capital stock, but not beyond the respective maturity date. At the end of any deferral period, all accumulated and unpaid interest must be paid. The Debentures have redemption dates ranging from January 7, 2033 to October 1, 2037; however, the Company has the option to shorten the respective maturity date for all seven Preferred Securities as the call option date has passed. Holders of the Preferred Securities have no voting rights. The Preferred Securities are unsecured and rank junior in priority of the payment to all of the Company's indebtedness and senior to the Company's common and preferred stock. The trusts’ ability to pay amounts due on the Preferred Securities is solely dependent upon the Company making payment on the related Debentures. The Company’s obligation under the Debentures and relevant trust agreements constitute a full, irrevocable, and unconditional guarantee on a subordinated basis by it of the obligations of the trusts under the Preferred Securities. For regulatory purposes, the Debentures qualify as elements of capital. As of June 30, 2018 and September 30, 2017, $73.6 million and $73.5 million of Debentures were eligible for treatment as Tier 1 capital, respectively. Relating to the trusts, the Company held as assets $2.5 million in common shares at June 30, 2018 and September 30, 2017 which are included in other assets on the consolidated balance sheets. Subordinated Notes Payable In 2015, the Company issued $35.0 million of 4.875% fixed-to-floating rate subordinated notes that mature on August 15, 2025 through a private placement. The notes, which qualify as Tier 2 capital under capital rules in effect at June 30, 2018, have an interest rate of 4.875% per annum, payable semi-annually on each February 15 and August 15, which commenced on February 15, 2016 until August 15, 2020, to but excluding the maturity date or date of earlier redemption, the notes will bear interest at a rate per annum equal to three-month LIBOR for the related interest period plus 3.15%, payable quarterly on each November 15, February 15, April 15 and August 15. The notes are subordinated in right of payment to all of the Company's senior indebtedness and effectively subordinated to all existing and future debt and all other liabilities of the Company's subsidiary bank. The Company may elect to redeem the notes (subject to regulatory approval), in whole or in part, on any early redemption date which is any interest payment date on or after August 15, 2020 at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. Other than on an early redemption date, the notes cannot be accelerated except in the event of bankruptcy or the occurrence of certain other events of bankruptcy, insolvency or reorganization. Unamortized debt issuance costs related to these notes, which are included in Subordinated Debentures and Subordinated Notes Payable, totaled $0.2 million at June 30, 2018 and September 30, 2017. Proceeds from the private placement of subordinated notes repaid outstanding subordinated debt. Subordinated debentures and subordinated notes payable are summarized as follows.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for income taxes charged to operations consists of the following for the three and nine months ended June 30, 2018 and 2017.
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 24.5% for the three and nine months ended June 30, 2018 and 35% for the three and nine months ended June 30, 2017 to pretax income due to the following.
Net deferred tax assets (liabilities) consist of the following components at June 30, 2018 and September 30, 2017.
At June 30, 2018 and September 30, 2017, the Company had an income tax receivable from the Internal Revenue Service (the "IRS") of $3.2 million and $4.6 million, respectively, which is included in other assets on the consolidated balance sheets. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2014. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act"), was enacted into law. Beginning in 2018, the Tax Reform Act reduces the federal tax rate for corporations from 35% to 21% and changes or limits certain tax deductions. Because of the Company's September 30 fiscal year end, a blended statutory rate of 24.5% is applied to all net income before taxes generated during the current fiscal year. The new blended statutory rate reduced the provision for income taxes by approximately $5.2 million and $15.0 million for the three and nine months ended June 30, 2018, respectively. Another result of the lower corporate tax rate this fiscal year was the Company recording a revaluation discrete tax adjustment of $13.6 million to reduce its net deferred tax assets, which increased the provision for income taxes in the first quarter. The actual impact of the revaluing deferred taxes has varied from the estimated charge to provision of $13.6 million due to uncertainties in our preliminary estimates and the effect of further clarification of the new law, but changes have been immaterial. The Company adopted new accounting guidance in the second quarter of fiscal year 2018 that allows reclassification of $2.4 million in stranded tax effects that relate to a change in the federal tax rate from accumulated other comprehensive income to retained earnings. The Bank's effective tax rate for the three and nine months ended June 30, 2018 was 26.3% and 34.1%, respectively, compared to 34.5% and 33.0% for the three and nine months ended June 30, 2017, respectively. Excluding the nonrecurring deferred taxes adjustment related to federal tax reform, the three and nine months ended June 30, 2018 effective tax rates were both 26.3%. Uncertain tax positions were not significant at June 30, 2018 or September 30, 2017. |
Employee Benefit Plans |
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Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Profit Sharing Plan The Company participates in a multiple employer 401(k) profit sharing plan ("the 401(k) Plan"). All employees are eligible to participate, beginning with the first day of the month coincident with or immediately following the completion of one year of service and having reached the age of 21. In addition to employee contributions, the Company may contribute discretionary amounts for eligible participants. Contribution rates for participating employees must be equal. The Company contributed $1.5 million and $1.4 million to the 401(k) Plan for the three months ended June 30, 2018 and 2017, respectively, and $4.5 million and $4.3 million for the nine months ended June 30, 2018 and 2017. Defined Benefit Plan The Company acquired a noncontributory (cash balance) defined benefit pension plan ("the Pension Plan") from HF Financial which covers former employees of HF Financial and its wholly-owned subsidiaries. Effective July 1, 2015, the Pension Plan was frozen which eliminates future contributions for qualified individuals. On November 27, 2017, the Company's Board of Directors voted to terminate the Pension Plan effective February 1, 2018. In order to settle its liabilities under the Pension Plan, the Company offered participants the option to receive either an annuity purchased from an insurance carrier or a lump-sum cash payment. Total benefit payments paid by the Company were $5.3 million as part of Pension Plan termination. The Company completed the transfer of all liabilities and administrative responsibilities under the Pension Plan at the end of fiscal third quarter 2018. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation On September 26, 2014, the Board of Directors adopted, and on October 10, 2014, NAB, at that time our controlling shareholder, approved the Great Western Bancorp, Inc. 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), the Great Western Bancorp, Inc. 2014 Non-Employee Director Plan (the “2014 Director Plan”), and the Great Western Bancorp, Inc. Executive Incentive Compensation Plan (the “Bonus Plan”), collectively ("the Plans"), which provide for the issuance of restricted share units and performance based share units to certain officers, employees and directors of the Company. On February 22, 2018, our stockholders approved amendments to the 2014 Plan and the 2014 Director Plan to increase the number of shares available for future grants under the Plans. The Plans were primarily established to enhance the Company’s ability to attract, retain and motivate employees. The Company’s Board of Directors, the Compensation Committee of the Board of Directors ("Compensation Committee"), or executive management upon delegation of the Compensation Committee has exclusive authority to select the employees and others, including directors, to receive the awards and to establish the terms and conditions of each award made pursuant to the Company’s stock-based compensation plans. Stock units issued under the Company’s restricted and performance based stock plans may not be sold or otherwise transferred until the vesting period has been met and, if applicable, performance objectives have been obtained. During the vesting periods, participants do not have voting rights and dividends are accumulated until the time upon which the award vests. Upon specified events, as defined in the Plans, stock unit awards that have not vested and/or performance hurdles that have not been met will be forfeited. Based on the substantive terms of each award, restricted and performance-based awards are classified as equity awards and accounted for under the treasury stock method. The fair value of equity-classified awards is based on the market price of the stock on the measurement date and is amortized as compensation expense on a straight-line basis over the vesting or performance period. Stock compensation is recognized based on the number of awards to vest using actual forfeiture amounts. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance targets to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense is included in salaries and employee benefits expense in the consolidated statements of income. Stock compensation expense was $1.4 million and $4.3 million for the three and nine months ended June 30, 2018, respectively, and $1.4 million and $5.2 million for the three and nine months ended June 30, 2017, respectively. Related income tax benefits recognized were $0.4 million and $1.4 million for the three and nine months ended June 30, 2018, respectively, and $0.5 million and $1.9 million for the three and nine months ended June 30, 2017, respectively. The following is a summary of the Plans’ restricted share and performance-based stock award activity as of June 30, 2018 and September 30, 2017. The number of performance shares granted in the following table are reflected at the amount of achievement of the pre-established targets.
As of June 30, 2018, there was $6.3 million of unrecognized compensation cost related to nonvested restricted stock awards expected to be recognized over a period of 2.4 years. The fair value of the vested, but not issued stock awards at June 30, 2018, was $1.9 million. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. 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. The fair value guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value are as follows. Level 1 Quoted prices in active markets for identical assets or liabilities
Level 1 inputs are considered to be the most transparent and reliable and Level 3 inputs are considered to be the least transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (Level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. Although in some instances, third party price indications may be available, limited trading activity can challenge the observability of these quotations. Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a description of the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Securities Available for Sale Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows and classified as Level 2 securities. Level 2 securities include mortgage-backed, states and political subdivisions, and other securities. Where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Level 3 securities were immaterial at June 30, 2018 and September 30, 2017. Interest Rate Swaps and Loans Interest rate swaps are valued by the Company's Swap Dealers using cash flow valuation techniques with observable market data inputs. The fair value of loans accounted for under the fair value option represents the net carrying value of the loan, plus the equal and opposite amount of the value of the swap needed to hedge the interest rate risk and an adjustment for credit risk based on our assessment of existing market conditions for the specific portfolio of loans. This is used due to the strict prepayment penalties put in the loan terms to cover the cost of exiting the hedge of the loans in the case of early prepayment or termination. The adjustment for credit risk on loans accounted for under the fair value option is not significant to the overall fair value of the loans. The fair values estimated by the Company's Swap Dealers use interest rates that are observable or that can be corroborated by observable market data and, therefore, are classified within Level 2 of the valuation hierarchy. The Company has entered into Collateral Agreements with its Swap Dealers and Futures Clearing Merchant which entitle it to receive collateral to cover market values on derivatives which are in asset position, thus a credit risk adjustment on interest rate swaps is not warranted. The Company regularly enters into interest rate lock commitments on mortgage loans to be held for sale with corresponding forward sales contracts related to these interest rate lock commitments, the fair values of which are calculated by applying observable market values from Fannie Mae TBA pricing to each interest rate lock commitment and forward sales contract, therefore, are classified within Level 2 of the valuation hierarchy. The Company also has back-to-back swaps with loan customers, with corresponding swaps with an outside third party in exact offsetting terms. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2018 and September 30, 2017.
The following table presents the changes in Level 3 financial instruments for the three and nine months ended June 30, 2018 and 2017.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Other Repossessed Property Other repossessed property consists of loan collateral that has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other repossessed assets. Other repossessed property is recorded initially at fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically, and the assets may be marked down further to fair value less selling costs, reflecting a valuation allowance. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods. These measurements are classified as Level 3. Impaired Loans (Collateral Dependent) Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of the impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor, if necessary, to the appraised value and including costs to sell. Because many of these inputs are not observable, the measurements are classified as Level 3. Mortgage Loans Held for Sale Fair value of mortgage loans held for sale is based on either quoted prices for the same or similar loans, or values obtained from third parties, or are estimated for portfolios of loans with similar financial characteristics and are therefore considered a Level 2 valuation. Loan Servicing Rights Fair value is determined at a tranche level, based on market prices for comparable mortgage servicing contracts (Level 3), when available, or alternatively based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income and that can be validated against market data (Level 3). Property Held for Sale This real estate property is carried in premises and equipment as property held for sale at fair value based upon the transactional price if available, or the appraised value of the property. The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2018 and September 30, 2017.
The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at June 30, 2018 were as follows.
Disclosures about Fair Value of Financial Instruments For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate are assumed to have a fair value that approximates carrying value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. The short maturity of the Company’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following consolidated balance sheet categories: cash and cash equivalents, securities sold under agreements to repurchase, and accrued interest. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include premises and equipment, deferred income taxes, goodwill, and core deposit and other intangibles. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. Fair values for balance sheet instruments as of June 30, 2018 and September 30, 2017 are as follows.
The following methods and assumptions were used in estimating the fair value of financial instruments that were not previously disclosed. Cash and cash equivalents: Due to the short term nature of cash and cash equivalents, the estimated fair value is equal to the carrying value and they are categorized as a Level 1 fair value measurement. Loans, net excluding fair valued loans and loans held for sale: The fair value of the loan portfolio is estimated using observable inputs including estimated cash flows, and discount rates based on interest rates currently being offered for loans with similar terms, to borrowers of similar credit quality. Loans held for investment are categorized as a Level 3 fair value measurement. Accrued interest receivable: Due to the nature of accrued interest receivable, the estimated fair value is equal to the carrying value and they are categorized as a Level 2 fair value measurement. Cash Surrender Value of Life Insurance Policies: Fair value is equal to the cash surrender value of the life insurance policies and are categorized as Level 2 fair value measurement. FHLB stock: The carrying amount of FHLB stock approximates its fair value as it can only be redeemed with the FHLB at par value. FHLB stock has been categorized as a Level 2 fair value measurement. Deposits: The estimated fair value of deposits with no stated maturity, such as non-interest bearing demand deposits, savings, NOW, and money market accounts, is equal to the amount payable on demand. The fair value of interest-bearing time deposits is based on the discounted value of contractual cash flows of such deposits, taking into account the option for early withdrawal. The discount rate is estimated using the rates offered by the Company, at the respective measurement dates, for deposits of similar maturities. Deposits have been categorized as a Level 2 fair value measurement. FHLB advances and other borrowings: The fair value of FHLB advances and other borrowings is estimated using discounted cash flow analysis, based on current incremental borrowing rates for similar types of borrowing arrangements. In the absence of a reasonably precise methodology to determine the fair value of the credit agreement, carrying value has been used to represent fair value. FHLB advances and other borrowings have been categorized as a Level 2 fair value measurement. Securities sold under repurchase agreements: The Company’s repurchase agreements are overnight transactions that mature the day after the transaction, and as a result of this short-term nature, the estimated fair value equals the carrying value. Securities sold under repurchase agreements have been categorized as a Level 2 fair value measurement. Accrued interest payable: Due to the nature of accrued interest payable, the estimated fair value is equal to the carrying value and they are categorized as a Level 2 fair value measurement. Subordinated Debentures and Subordinated Notes Payable: The fair value of subordinated debentures and subordinated notes payable is estimated using discounted cash flow analysis, based on current incremental debt rates. Subordinated debentures and subordinated notes payable have been categorized as a Level 2 fair value measurement. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding determined for the basic earnings per share calculation plus the dilutive effect of stock compensation using the treasury stock method. The following information was used in the computation of basic and diluted earnings per share (EPS) for the three and nine months ended June 30, 2018 and 2017.
The Company had no shares of unvested performance stock as of June 30, 2018 and 2017 which were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had no shares of anti-dilutive stock awards outstanding as of June 30, 2018 and 2017. |
Nature of Operations and Summary of Significant Policies (Policies) |
9 Months Ended |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature. Certain previously reported amounts have been reclassified to conform to the current presentation. The unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended September 30, 2017, which includes a description of significant accounting policies. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year or any other period. The accompanying unaudited consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Subsequent Events | Subsequent Events The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. Other than those events described below, there were no other material events that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
New Accounting Pronouncements | In February 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform Act") from other comprehensive income to retained earnings. ASU 2018-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company early adopted ASU 2018-02 during the second quarter of fiscal year 2018 with period of adoption application. Upon adoption, the Company made a policy election to reclassify stranded tax effects of approximately $2.4 million from accumulated other comprehensive income to retained earnings. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 is to be applied to all existing hedging relationships on the date of adoption and will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted in any interim period, with the effect of adoption reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the potential impact of ASU 2017-12 on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which addresses timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires institutions to measure all expected credit losses related to financial assets measured at amortized costs with an expected loss model based on historical experience, current conditions and reasonable and supportable forecasts relevant to affect the collectability of the financial assets, which is referred to as the current expected credit loss (CECL) model. ASU 2016-13 requires enhanced disclosures, including qualitative and quantitative requirements, to help understand significant estimates and judgments used in estimating credit losses, as well as provide additional information about the amounts recorded in the financial statements. ASU 2016-13 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted after December 15, 2018. The amendment requires the use of the modified retrospective approach for adoption. The Company has formed a project team to work on the implementation of ASU 2016-13 and is in the process of selecting a vendor to partner with to make the required changes to our existing credit loss estimation methodology. The Company is currently evaluating the potential impact on our consolidated financial statements, however, since the magnitude of the anticipated change in the allowance for credit losses will be impacted by economic conditions and trends in the Company’s portfolio at the time of adoption, the quantitative impact cannot yet be reasonably estimated. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires that lessees recognize the assets and liabilities arising from leases on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize an obligation for future lease payments measured on a discounted basis and a related right-of-use asset. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, "Revenue from Contracts with Customers." ASU 2016-02 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the potential impact of ASU 2016-02 on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which requires equity investments, in general, to be measured at fair value with changes in fair value recognized in earnings. It also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires entities to use the exit price notion when measuring fair value, requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the measurement category and form on the balance sheet or accompanying notes, clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity's other deferred tax assets, and simplifies the impairment assessment of equity investments without readily determinable fair values. ASU 2016-01 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company does not believe ASU 2016-01 will have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which implements a more robust framework that clarifies the principles for recognizing revenue and gives greater consistency and comparability in revenue recognition practices. In the new framework, an entity recognizes revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods or services. The new model requires the identification of performance obligations included in the contract with customers, a determination of the transaction price and an allocation of the price to those performance obligations. The entity recognizes revenue when performance obligations are satisfied. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, which intends to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, which clarifies guidance pertaining to the identification of performance obligations and the licensing implementation. In May 2016, the FASB issued ASU 2016-11 and 2016-12, which further clarify guidance and provide practical expedients related to the adoption of ASU 2014-09. The standard permits the use of either the retrospective or cumulative effect transition method. The standard, along with subsequent guidance from FASB, lists several items that are specifically out of scope for ASU 2014-09, including but not limited to core interest income, derivative instruments, investments, and loan origination fees. To address the new standard, the Company formed a working group and has completed the initial scoping phase to determine which revenue streams may be subject to accounting or disclosure changes upon adoption in October of 2018. Subsequent to this initial scoping, the Company selected a representative sample of contracts from the in-scope revenue streams for review under the amended guidance ("key contracts"). The review of key contracts is in process. Based on the analysis to date, we do not anticipate significant changes as a result of implementing the standard, but will conclude on quantitative and qualitative impacts during the fourth quarter. |
Nature of Operations and Summary of Significant Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of correction of prior period balances | As a result, the consolidated statements of income have been revised to reflect these changes as follows.
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Securities Available for Sale (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of investments | The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows.
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Schedule of amortized cost and fair value of investments by contractual maturity | The amortized cost and approximate fair value of debt securities available for sale as of June 30, 2018 and September 30, 2017, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without penalty.
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Schedule of gross unrealized losses on investments | The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
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Loans (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | The composition of loans as of June 30, 2018 and September 30, 2017, is as follows.
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Schedule of the Company's nonaccrual loans | The following table presents the Company’s nonaccrual loans at June 30, 2018 and September 30, 2017, excluding ASC 310-30 loans. Loans greater than 90 days past due and still accruing interest as of June 30, 2018 and September 30, 2017, were $0.1 million and $1.9 million, respectively.
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Schedule of the composition of the loan portfolio by internal risk rating | This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
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Schedule of past due loans | The following table presents the Company’s past due loans at June 30, 2018 and September 30, 2017. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
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Schedule of impaired loans | The following table presents the Company’s impaired loans. This table excludes purchased credit impaired loans and loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
The following table presents the average recorded investment on impaired loans and interest income recognized on impaired loans for the three and nine months ended June 30, 2018 and 2017, respectively, are as follows.
The following table provides purchased credit impaired loans at June 30, 2018 and September 30, 2017.
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Summary of troubled debt restructurings on accruing and nonaccrual loans | The following table presents the recorded value of the Company’s TDR balances as of June 30, 2018 and September 30, 2017.
The following table presents a summary of all accruing loans restructured in TDRs through either a rate modification, term extension, payment modification or due to a bankruptcy during the three and nine months ended June 30, 2018 and 2017.
The following table presents a summary of all non-accruing loans restructured in TDRs through either a rate modification, term extension, payment modification or due to a bankruptcy during the three and nine months ended June 30, 2018 and 2017.
The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default for the three and nine months ended June 30, 2018 and 2017, respectively.
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Allowance for Loan and Lease Losses (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of allowances for loan and lease losses | The following tables present the Company’s allowance for loan and lease losses roll forward for the three and nine months ended June 30, 2018 and 2017.
The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance as of June 30, 2018 and September 30, 2017. These tables are presented net of unamortized discount on acquired loans and excludes loans of $888.2 million measured at fair value, loans held for sale of $6.8 million, and guaranteed loans of $161.3 million for June 30, 2018 and loans measured at fair value of $1.02 billion, loans held for sale of $7.5 million, and guaranteed loans of $168.3 million for September 30, 2017.
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Accounting for Certain Loans Acquired with Deteriorated Credit Quality (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of troubled debt restructurings | The re-assessment of purchased credit impaired loans resulted in the following changes in the accretable yield during the three and nine months ended June 30, 2018 and 2017.
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Schedule of impaired loans | The following table presents the Company’s impaired loans. This table excludes purchased credit impaired loans and loans measured at fair value with changes in fair value reported in earnings of $888.2 million at June 30, 2018 and $1.02 billion at September 30, 2017.
The following table presents the average recorded investment on impaired loans and interest income recognized on impaired loans for the three and nine months ended June 30, 2018 and 2017, respectively, are as follows.
The following table provides purchased credit impaired loans at June 30, 2018 and September 30, 2017.
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FDIC Indemnification Asset (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of FDIC indemnification asset activity | The following table represents a summary of the activity related to the FDIC indemnification asset for the three and nine months ended June 30, 2018 and 2017.
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative positions, notional amounts and estimated fair values | The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by the Company as of June 30, 2018 and September 30, 2017.
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Summary of offsetting assets | The following tables provide information on the Company's netting adjustments as of June 30, 2018 and September 30, 2017.
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Summary of offsetting liabilities | The following tables provide information on the Company's netting adjustments as of June 30, 2018 and September 30, 2017.
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Schedule of derivative instruments, effect on other comprehensive income | The effect of derivatives on the consolidated statements of income for the three and nine months ended June 30, 2018 and 2017 was as follows.
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The Fair Value Option for Certain Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the fair value option | Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported within the consolidated statements of income are as follows for the three and nine months ended June 30, 2018 and 2017.
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Core Deposits and Other Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finite-lived intangible assets | The following table presents a summary of intangible assets subject to amortization as of June 30, 2018 and September 30, 2017.
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Schedule of estimated amortization expense of intangible assets | Estimated amortization expense of intangible assets in subsequent fiscal years is as follows.
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Loan Servicing Rights (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loan servicing rights and valuation allowance activity | The following table is the activity for loan servicing rights and the related valuation allowance for the three and nine months ended June 30, 2018 and 2017.
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Securities Sold Under Agreements to Repurchase (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of repurchases agreements | The following tables present the gross obligation by the class of collateral pledged and the remaining contractual maturity of the agreements at June 30, 2018 and September 30, 2017.
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FHLB Advances and Other Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of FHLB advances and other borrowings | FHLB advances and other borrowings consist of the following at June 30, 2018 and September 30, 2017.
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Schedule of FHLB advances and other borrowings by maturity date | As of June 30, 2018, FHLB advances and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows.
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Subordinated Debentures and Subordinated Notes Payable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of subordinated debentures and subordinated notes payable | Subordinated debentures and subordinated notes payable are summarized as follows.
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) Components | The provision for income taxes charged to operations consists of the following for the three and nine months ended June 30, 2018 and 2017.
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Schedule of Effective Income Tax Rate Reconciliation | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 24.5% for the three and nine months ended June 30, 2018 and 35% for the three and nine months ended June 30, 2017 to pretax income due to the following.
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Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets (liabilities) consist of the following components at June 30, 2018 and September 30, 2017.
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted share and performance-based stock award activity | The following is a summary of the Plans’ restricted share and performance-based stock award activity as of June 30, 2018 and September 30, 2017. The number of performance shares granted in the following table are reflected at the amount of achievement of the pre-established targets.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value measurements of assets and liabilities | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2018 and September 30, 2017.
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Schedule of changes in Level 3 financial instruments | The following table presents the changes in Level 3 financial instruments for the three and nine months ended June 30, 2018 and 2017.
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Summary of mortgage loans held-for-sale, fair value measurement | The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2018 and September 30, 2017.
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Summary of valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements | The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at June 30, 2018 were as follows.
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Schedule of fair values for balance sheet instruments | Fair values for balance sheet instruments as of June 30, 2018 and September 30, 2017 are as follows.
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per share | The following information was used in the computation of basic and diluted earnings per share (EPS) for the three and nine months ended June 30, 2018 and 2017.
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Nature of Operations and Summary of Significant Policies - Narrative (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 26, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Dividends Payable [Line Items] | |||||
Common stock dividends declared (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.65 | $ 0.54 | |
Subsequent event | |||||
Dividends Payable [Line Items] | |||||
Common stock dividends declared (in dollars per share) | $ 0.25 |
Securities Available for Sale - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
security
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
security
|
Jun. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
security
|
|
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sales of securities available for sale | $ 700,000 | $ 0 | $ 25,906,000 | $ 5,042,000 | |
Available-for-sale securities, gross realized gains | 0 | 0 | 0 | 0 | |
Available-for-sale securities, gross realized losses | 0 | 0 | 0 | 0 | |
Other than temporary impairment losses recognized in earnings | 0 | $ 0 | 0 | $ 0 | |
Securities pledged as collateral | $ 901,100,000 | $ 901,100,000 | $ 951,400,000 | ||
Percentage of investment portfolio in continuous loss position (as a percent) | 93.00% | 93.00% | 68.00% | ||
Number of securities in an unrealized loss position (securities) | security | 361 | 361 | 249 |
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 1,408,440 | $ 1,376,942 |
Gross Unrealized Gains | 222 | 1,845 |
Gross Unrealized Losses | (35,951) | (10,827) |
Estimated Fair Value | 1,372,711 | 1,367,960 |
U.S. Treasury securities | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 178,774 | 228,039 |
Gross Unrealized Gains | 0 | 579 |
Gross Unrealized Losses | (1,239) | (15) |
Estimated Fair Value | 177,535 | 228,603 |
Mortgage-backed securities | Government National Mortgage Association | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 445,376 | 511,457 |
Gross Unrealized Gains | 48 | 228 |
Gross Unrealized Losses | (15,082) | (6,635) |
Estimated Fair Value | 430,342 | 505,050 |
Mortgage-backed securities | Federal Home Loan Mortgage Corporation | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 250,832 | 169,147 |
Gross Unrealized Gains | 56 | 75 |
Gross Unrealized Losses | (5,720) | (1,247) |
Estimated Fair Value | 245,168 | 167,975 |
Mortgage-backed securities | Federal National Mortgage Association | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 194,515 | 170,247 |
Gross Unrealized Gains | 33 | 22 |
Gross Unrealized Losses | (5,241) | (1,287) |
Estimated Fair Value | 189,307 | 168,982 |
Mortgage-backed securities | Small Business Assistance Program | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 267,428 | 224,005 |
Gross Unrealized Gains | 72 | 726 |
Gross Unrealized Losses | (7,167) | (1,001) |
Estimated Fair Value | 260,333 | 223,730 |
States and political subdivision securities | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 70,509 | 73,041 |
Gross Unrealized Gains | 13 | 187 |
Gross Unrealized Losses | (1,496) | (642) |
Estimated Fair Value | 69,026 | 72,586 |
Other | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 1,006 | 1,006 |
Gross Unrealized Gains | 0 | 28 |
Gross Unrealized Losses | (6) | 0 |
Estimated Fair Value | $ 1,000 | $ 1,034 |
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 120,927 | $ 91,535 |
Due after one year through five years | 116,445 | 193,117 |
Due after five years through ten years | 11,789 | 16,306 |
Due after ten years | 122 | 122 |
Amortized Cost | 249,283 | 301,080 |
Estimated Fair Value | ||
Due in one year or less | 120,476 | 91,597 |
Due after one year through five years | 114,655 | 193,373 |
Due after five years through ten years | 11,308 | 16,097 |
Due after ten years | 122 | 122 |
Estimated Fair Value | 246,561 | 301,189 |
Amortized Cost | 1,408,440 | 1,376,942 |
Estimated Fair Value | 1,372,711 | 1,367,960 |
Securities without contractual maturities, Amortized Cost | 1,006 | 1,006 |
Securities without contractual maturities, Fair Value | 1,000 | 1,034 |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Amortized Cost | 1,158,151 | 1,074,856 |
Estimated Fair Value | $ 1,125,150 | $ 1,065,737 |
Securities Available for Sale - Schedule of Gross Unrealized Losses on Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Estimated Fair Value | $ 503,085 | $ 667,677 |
12 months or more, Estimated Fair Value | 767,515 | 267,141 |
Estimated Fair Value | 1,270,600 | 934,818 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized Losses | (7,754) | (5,637) |
12 months or more, Unrealized Losses | (28,197) | (5,190) |
Unrealized Losses | (35,951) | (10,827) |
U.S. Treasury securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Estimated Fair Value | 167,539 | 10,003 |
12 months or more, Estimated Fair Value | 9,996 | 0 |
Estimated Fair Value | 177,535 | 10,003 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized Losses | (1,234) | (15) |
12 months or more, Unrealized Losses | (5) | 0 |
Unrealized Losses | (1,239) | (15) |
Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Estimated Fair Value | 313,945 | 635,969 |
12 months or more, Estimated Fair Value | 713,284 | 241,368 |
Estimated Fair Value | 1,027,229 | 877,337 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized Losses | (6,369) | (5,425) |
12 months or more, Unrealized Losses | (26,841) | (4,746) |
Unrealized Losses | (33,210) | (10,171) |
States and political subdivision securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Estimated Fair Value | 20,601 | 21,705 |
12 months or more, Estimated Fair Value | 44,235 | 25,773 |
Estimated Fair Value | 64,836 | 47,478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized Losses | (145) | (197) |
12 months or more, Unrealized Losses | (1,351) | (444) |
Unrealized Losses | (1,496) | (641) |
Other | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, Estimated Fair Value | 1,000 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,000 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized Losses | (6) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | $ (6) | $ 0 |
Loans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans covered by FDIC loss share agreements | $ 46,477 | $ 46,477 | $ 57,537 | ||
Loan held for sale | 6,805 | 6,805 | 7,456 | ||
Loans and written loan commitments at fair value under the fair value option | 888,247 | 888,247 | 1,016,576 | ||
Unamortized discount on acquired loans | 13,100 | 13,100 | 11,600 | ||
Loans in process | (2,700) | (2,700) | (800) | ||
Loans guaranteed by U.S. Government Agencies | 8,333,861 | 8,333,861 | 7,787,016 | ||
Principal balances of residential real estate loans sold | 72,700 | $ 66,000 | 190,500 | $ 211,100 | |
Loans greater than 90 days past due and still accruing interest | 100 | 100 | 1,900 | ||
Valuation adjustments made to repossessed properties | 500 | 100 | 1,200 | 1,000 | |
Specific reserves included in the allowance for loan losses for TDRs | 10,400 | 10,400 | 8,800 | ||
Troubled debt restructuring, commitments to lend additional funds | 5,200 | 5,200 | 0 | ||
Transfers out of troubled debt restructuring status | 200 | $ 3,400 | 800 | $ 5,500 | |
Loans Guaranteed by US Government Authorities | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans guaranteed by U.S. Government Agencies | $ 169,700 | $ 169,700 | $ 168,300 |
Loans - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | $ 9,410,043 | $ 9,008,515 |
Less: Unamortized discount on acquired loans | (19,850) | (29,121) |
Unearned net deferred fees and costs and loans in process | (10,374) | (10,841) |
Net loans | 9,379,819 | 8,968,553 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | 4,529,446 | 4,124,805 |
Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | 2,176,318 | 2,122,138 |
Commercial non-real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | 1,750,827 | 1,718,914 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | 857,848 | 932,892 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | 51,417 | 66,559 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total financing receivables, gross | $ 44,187 | $ 43,207 |
Loans - Schedule of the Company's Nonaccrual Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | $ 124,055 | $ 132,225 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 29,869 | 14,693 |
Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 81,387 | 99,325 |
Commercial non-real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 9,154 | 13,674 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 3,590 | 4,421 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | $ 55 | $ 112 |
Loans - Schedule of the Composition of the Loan Portfolio by Internal Risk Rating (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $ 8,455,466 | $ 7,905,281 |
Loans covered by FDIC loss share agreements | 46,477 | 57,537 |
Total | 8,501,943 | 7,962,818 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 7,981,490 | 7,429,041 |
Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 250,111 | 273,825 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 221,403 | 197,692 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 2,462 | 4,723 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 4,088,656 | 3,638,032 |
Loans covered by FDIC loss share agreements | 0 | 0 |
Total | 4,088,656 | 3,638,032 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 3,971,920 | 3,519,689 |
Commercial real estate | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 55,047 | 80,195 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 61,592 | 37,627 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 97 | 521 |
Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Agriculture | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 1,974,771 | 1,865,882 |
Loans covered by FDIC loss share agreements | 0 | 0 |
Total | 1,974,771 | 1,865,882 |
Agriculture | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 1,680,976 | 1,577,403 |
Agriculture | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 166,130 | 157,407 |
Agriculture | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 127,661 | 130,953 |
Agriculture | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 4 | 119 |
Agriculture | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Commercial non-real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 1,490,122 | 1,426,960 |
Loans covered by FDIC loss share agreements | 0 | 0 |
Total | 1,490,122 | 1,426,960 |
Commercial non-real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 1,438,425 | 1,369,803 |
Commercial non-real estate | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 23,440 | 31,878 |
Commercial non-real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 25,935 | 21,438 |
Commercial non-real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 2,322 | 3,841 |
Commercial non-real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 806,572 | 865,034 |
Loans covered by FDIC loss share agreements | 46,477 | 57,537 |
Total | 853,049 | 922,571 |
Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 795,325 | 853,266 |
Residential real estate | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 5,158 | 4,158 |
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 6,050 | 7,368 |
Residential real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 39 | 242 |
Residential real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 51,158 | 66,166 |
Loans covered by FDIC loss share agreements | 0 | 0 |
Total | 51,158 | 66,166 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 50,657 | 65,673 |
Consumer | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 336 | 187 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 165 | 306 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 44,187 | 43,207 |
Loans covered by FDIC loss share agreements | 0 | 0 |
Total | 44,187 | 43,207 |
Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 44,187 | 43,207 |
Other | Watchlist | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Other | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 0 | 0 |
Other | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $ 0 | $ 0 |
Loans - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | $ 8,455,466 | $ 7,905,281 |
Loans covered by FDIC loss sharing agreements | 46,477 | 57,537 |
Total | 8,501,943 | 7,962,818 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 4,088,656 | 3,638,032 |
Loans covered by FDIC loss sharing agreements | 0 | 0 |
Total | 4,088,656 | 3,638,032 |
Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,974,771 | 1,865,882 |
Loans covered by FDIC loss sharing agreements | 0 | 0 |
Total | 1,974,771 | 1,865,882 |
Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,490,122 | 1,426,960 |
Loans covered by FDIC loss sharing agreements | 0 | 0 |
Total | 1,490,122 | 1,426,960 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 806,572 | 865,034 |
Loans covered by FDIC loss sharing agreements | 46,477 | 57,537 |
Total | 853,049 | 922,571 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 51,158 | 66,166 |
Loans covered by FDIC loss sharing agreements | 0 | 0 |
Total | 51,158 | 66,166 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 44,187 | 43,207 |
Loans covered by FDIC loss sharing agreements | 0 | 0 |
Total | 44,187 | 43,207 |
Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 62,087 | 69,142 |
Loans covered by FDIC loss sharing agreements | 1,078 | 1,790 |
Total | 63,165 | 70,932 |
Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 26,312 | 29,916 |
Past Due | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 23,944 | 25,478 |
Past Due | Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 8,294 | 11,180 |
Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 3,416 | 2,455 |
Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 121 | 113 |
Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 |
Past Due | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 6,690 | 6,313 |
Loans covered by FDIC loss sharing agreements | 274 | 998 |
Total | 6,964 | 7,311 |
Past Due | 30-59 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 3,199 | 876 |
Past Due | 30-59 Days Past Due | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,138 | 1,453 |
Past Due | 30-59 Days Past Due | Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 685 | 2,485 |
Past Due | 30-59 Days Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,562 | 1,428 |
Past Due | 30-59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 106 | 71 |
Past Due | 30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 |
Past Due | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 3,427 | 25,932 |
Loans covered by FDIC loss sharing agreements | 541 | 54 |
Total | 3,968 | 25,986 |
Past Due | 60-89 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 94 | 22,536 |
Past Due | 60-89 Days Past Due | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 2,746 | 3,181 |
Past Due | 60-89 Days Past Due | Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 128 | 115 |
Past Due | 60-89 Days Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 444 | 76 |
Past Due | 60-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 15 | 24 |
Past Due | 60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 |
Past Due | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 51,970 | 36,897 |
Loans covered by FDIC loss sharing agreements | 263 | 738 |
Total | 52,233 | 37,635 |
Past Due | 90 Days or Greater Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 23,019 | 6,504 |
Past Due | 90 Days or Greater Past Due | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 20,060 | 20,844 |
Past Due | 90 Days or Greater Past Due | Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 7,481 | 8,580 |
Past Due | 90 Days or Greater Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,410 | 951 |
Past Due | 90 Days or Greater Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 0 | 18 |
Past Due | 90 Days or Greater Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 8,393,379 | 7,836,139 |
Loans covered by FDIC loss sharing agreements | 45,399 | 55,747 |
Total | 8,438,778 | 7,891,886 |
Current | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 4,062,344 | 3,608,116 |
Current | Agriculture | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,950,827 | 1,840,404 |
Current | Commercial non-real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 1,481,828 | 1,415,780 |
Current | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 803,156 | 862,579 |
Current | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | 51,037 | 66,053 |
Current | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, net of unamortized discount on acquired loans | $ 44,187 | $ 43,207 |
Loans - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2017 |
|
With an allowance recorded: | |||||
Recorded Investment | $ 131,949 | $ 131,949 | $ 123,445 | ||
Unpaid Principal Balance | 152,629 | 152,629 | 148,077 | ||
Related Allowance | 23,468 | 23,468 | 22,535 | ||
With no allowance recorded: | |||||
Recorded Investment | 91,612 | 91,612 | 84,478 | ||
Unpaid Principal Balance | 145,878 | 145,878 | 183,341 | ||
Total Recorded Investment, Impaired Loans | 223,561 | 223,561 | 207,923 | ||
Total Unpaid Principal Balance, Impaired Loans | 298,507 | 298,507 | 331,418 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 223,413 | $ 234,141 | 220,774 | $ 228,236 | |
Interest Income Recognized While on Impaired Status | 2,405 | 3,028 | 7,694 | 8,483 | |
Commercial real estate | |||||
With an allowance recorded: | |||||
Recorded Investment | 45,330 | 45,330 | 20,819 | ||
Unpaid Principal Balance | 47,969 | 47,969 | 24,893 | ||
Related Allowance | 5,313 | 5,313 | 3,621 | ||
With no allowance recorded: | |||||
Recorded Investment | 15,316 | 15,316 | 16,652 | ||
Unpaid Principal Balance | 54,750 | 54,750 | 69,677 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 61,257 | 40,939 | 57,818 | 45,294 | |
Interest Income Recognized While on Impaired Status | 402 | 579 | 2,456 | 1,794 | |
Agriculture | |||||
With an allowance recorded: | |||||
Recorded Investment | 63,272 | 63,272 | 79,219 | ||
Unpaid Principal Balance | 77,756 | 77,756 | 88,268 | ||
Related Allowance | 10,720 | 10,720 | 11,468 | ||
With no allowance recorded: | |||||
Recorded Investment | 64,317 | 64,317 | 51,256 | ||
Unpaid Principal Balance | 67,427 | 67,427 | 64,177 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 126,262 | 140,512 | 125,047 | 127,621 | |
Interest Income Recognized While on Impaired Status | 1,592 | 1,993 | 3,763 | 5,186 | |
Commercial non-real estate | |||||
With an allowance recorded: | |||||
Recorded Investment | 18,798 | 18,798 | 17,950 | ||
Unpaid Principal Balance | 21,701 | 21,701 | 28,755 | ||
Related Allowance | 5,343 | 5,343 | 4,779 | ||
With no allowance recorded: | |||||
Recorded Investment | 10,176 | 10,176 | 13,983 | ||
Unpaid Principal Balance | 19,316 | 19,316 | 38,924 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 28,915 | 43,224 | 30,402 | 45,424 | |
Interest Income Recognized While on Impaired Status | 354 | 331 | 1,130 | 1,111 | |
Residential real estate | |||||
With an allowance recorded: | |||||
Recorded Investment | 4,383 | 4,383 | 5,177 | ||
Unpaid Principal Balance | 5,032 | 5,032 | 5,874 | ||
Related Allowance | 2,022 | 2,022 | 2,581 | ||
With no allowance recorded: | |||||
Recorded Investment | 1,802 | 1,802 | 2,574 | ||
Unpaid Principal Balance | 4,267 | 4,267 | 9,613 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 6,780 | 9,051 | 7,273 | 9,489 | |
Interest Income Recognized While on Impaired Status | 54 | 112 | 335 | 352 | |
Consumer | |||||
With an allowance recorded: | |||||
Recorded Investment | 166 | 166 | 280 | ||
Unpaid Principal Balance | 171 | 171 | 287 | ||
Related Allowance | 70 | 70 | 86 | ||
With no allowance recorded: | |||||
Recorded Investment | 1 | 1 | 13 | ||
Unpaid Principal Balance | 118 | 118 | $ 950 | ||
Average recorded investment and interest income recognized on impaired loans: | |||||
Average Recorded Investment | 199 | 415 | 234 | 408 | |
Interest Income Recognized While on Impaired Status | $ 3 | $ 13 | $ 10 | $ 40 |
Loans - Summary of Troubled Debt Restructurings on Accruing and Nonaccrual Financing Receivables (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
Jun. 30, 2018
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
Sep. 30, 2017
USD ($)
|
|
Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 36,758 | $ 36,758 | $ 32,490 | ||
Financing receivable, modifications, number of contracts | contract | 3 | 9 | 6 | 16 | |
Financing receivable, modifications, pre-modification recorded investment | $ 4,680 | $ 12,211 | $ 10,826 | $ 21,180 | |
Financing receivable, modifications, post-modification recorded investment | $ 4,680 | $ 12,211 | $ 10,826 | $ 21,180 | |
Change in recorded investment due to principal paydown at time of modification, number of contracts | contract | 0 | 0 | 0 | 0 | |
Change in recorded investment due to principal paydown at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to principal paydown at time of modification, post-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, number of contracts | contract | 0 | 0 | 0 | 0 | |
Change in recorded investment due to chargeoffs at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, post-modification | 0 | $ 0 | 0 | $ 0 | |
Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 64,361 | $ 64,361 | 71,334 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 3 | 6 | 13 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 4,351 | $ 8,374 | $ 17,381 | |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 4,351 | $ 8,374 | $ 17,381 | |
Change in recorded investment due to principal paydown at time of modification, number of contracts | contract | 0 | 0 | 0 | 0 | |
Change in recorded investment due to principal paydown at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to principal paydown at time of modification, post-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, number of contracts | contract | 0 | 0 | 0 | 0 | |
Change in recorded investment due to chargeoffs at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, post-modification | 0 | $ 0 | 0 | $ 0 | |
Commercial real estate | Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 612 | $ 612 | 1,121 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 1 | 0 | 1 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 3,230 | $ 0 | $ 3,230 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 3,230 | 0 | $ 3,230 | |
Commercial real estate | Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 2,623 | $ 2,623 | 5,351 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 0 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 0 | |
Agriculture | Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 32,203 | $ 32,203 | 22,678 | ||
Financing receivable, modifications, number of contracts | contract | 3 | 6 | 5 | 8 | |
Financing receivable, modifications, pre-modification recorded investment | $ 4,680 | $ 8,289 | $ 10,753 | $ 16,723 | |
Financing receivable, modifications, post-modification recorded investment | 4,680 | $ 8,289 | 10,753 | $ 16,723 | |
Agriculture | Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 57,685 | $ 57,685 | 59,633 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 3 | 6 | 9 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 4,351 | $ 8,374 | $ 17,339 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 4,351 | 8,374 | $ 17,339 | |
Commercial non-real estate | Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 3,564 | $ 3,564 | 8,369 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 2 | 0 | 6 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 692 | $ 0 | $ 1,218 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 692 | 0 | $ 1,218 | |
Commercial non-real estate | Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 3,792 | $ 3,792 | 5,641 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 0 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 0 | |
Residential real estate | Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 299 | $ 299 | 311 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 1 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 9 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 9 | |
Residential real estate | Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 261 | $ 261 | 688 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 1 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 21 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 21 | |
Consumer | Accruing | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 80 | $ 80 | 11 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 1 | 0 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 73 | $ 0 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 73 | $ 0 | |
Consumer | Nonaccrual | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded value of TDR balance | $ 0 | $ 0 | $ 21 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 3 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 21 | |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 21 |
Loans - Subsequent Defaults on Modified Loans (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
Jun. 30, 2018
USD ($)
contract
|
Jun. 30, 2017
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 4 | 1 | 4 | 1 |
Recorded Investment | $ | $ 3,344 | $ 0 | $ 3,344 | $ 0 |
Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Agriculture | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 2 | 0 | 2 | 0 |
Recorded Investment | $ | $ 130 | $ 0 | $ 130 | $ 0 |
Commercial non-real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 2 | 1 | 2 | 1 |
Recorded Investment | $ | $ 3,214 | $ 0 | $ 3,214 | $ 0 |
Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease Losses - Summary of Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | $ 65,139 | $ 62,685 | $ 63,503 | $ 64,642 |
Charge-offs | (4,608) | (5,203) | (13,512) | (19,832) |
Recoveries | 642 | 936 | 1,725 | 2,550 |
Provision | 3,505 | 5,850 | 13,105 | 17,860 |
Allowance for loan losses, ending balance | 64,688 | 64,214 | 64,688 | 64,214 |
Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 993 | |||
Recoveries | 0 | 100 | 100 | 1,000 |
(Improvement) impairment of ASC 310-30 loans | 10 | (54) | (133) | (1,006) |
Allowance for loan losses, ending balance | 848 | 848 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 18,914 | 16,996 | 16,941 | 17,946 |
Charge-offs | (1,671) | (57) | (3,268) | (1,881) |
Recoveries | 116 | 57 | 326 | 441 |
Provision | 354 | 1,209 | 3,675 | 1,759 |
Allowance for loan losses, ending balance | 17,685 | 18,151 | 17,685 | 18,151 |
Commercial real estate | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 682 | |||
(Improvement) impairment of ASC 310-30 loans | (28) | (54) | 11 | (114) |
Allowance for loan losses, ending balance | 693 | 693 | ||
Agriculture | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 24,129 | 26,320 | 25,757 | 25,115 |
Charge-offs | (1,978) | (288) | (4,959) | (7,708) |
Recoveries | 103 | 258 | 275 | 402 |
Provision | 3,035 | (1,805) | 4,331 | 6,676 |
Allowance for loan losses, ending balance | 25,289 | 24,485 | 25,289 | 24,485 |
Agriculture | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 115 | |||
(Improvement) impairment of ASC 310-30 loans | 0 | 0 | (115) | 0 |
Allowance for loan losses, ending balance | 0 | 0 | ||
Commercial non-real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 15,730 | 11,949 | 14,114 | 12,990 |
Charge-offs | (333) | (4,076) | (3,176) | (7,769) |
Recoveries | 140 | 283 | 349 | 502 |
Provision | 323 | 6,269 | 4,573 | 8,702 |
Allowance for loan losses, ending balance | 15,860 | 14,425 | 15,860 | 14,425 |
Commercial non-real estate | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 0 | |||
(Improvement) impairment of ASC 310-30 loans | 0 | 0 | 0 | 0 |
Allowance for loan losses, ending balance | 0 | 0 | ||
Residential real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 5,111 | 6,069 | 5,347 | 7,106 |
Charge-offs | (167) | (236) | (442) | (502) |
Recoveries | 100 | 50 | 216 | 311 |
Provision | (529) | (123) | (539) | (263) |
Allowance for loan losses, ending balance | 4,553 | 5,760 | 4,553 | 5,760 |
Residential real estate | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 196 | |||
(Improvement) impairment of ASC 310-30 loans | 38 | 0 | (29) | (892) |
Allowance for loan losses, ending balance | 155 | 155 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 279 | 371 | 329 | 438 |
Charge-offs | (60) | (28) | (176) | (138) |
Recoveries | 48 | 45 | 90 | 75 |
Provision | 20 | (38) | 44 | (25) |
Allowance for loan losses, ending balance | 287 | 350 | 287 | 350 |
Consumer | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 0 | |||
(Improvement) impairment of ASC 310-30 loans | 0 | 0 | 0 | 0 |
Allowance for loan losses, ending balance | 0 | 0 | ||
Other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 976 | 980 | 1,015 | 1,047 |
Charge-offs | (399) | (518) | (1,491) | (1,834) |
Recoveries | 135 | 243 | 469 | 819 |
Provision | 302 | 338 | 1,021 | 1,011 |
Allowance for loan losses, ending balance | 1,014 | 1,043 | 1,014 | 1,043 |
Other | Acquired receivables subject to ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning balance | 0 | |||
(Improvement) impairment of ASC 310-30 loans | 0 | $ 0 | 0 | $ 0 |
Allowance for loan losses, ending balance | $ 0 | $ 0 |
Allowance for Loan and Lease Losses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and written loan commitments at fair value under the fair value option | $ 888,247 | $ 888,247 | $ 1,016,576 | |||||
Loan held for sale | 6,805 | 6,805 | 7,456 | |||||
Loans guaranteed by U.S. Government Agencies | 8,333,861 | 8,333,861 | 7,787,016 | |||||
Allowance for loan leases | 64,688 | $ 64,214 | 64,688 | $ 64,214 | $ 65,139 | 63,503 | $ 62,685 | $ 64,642 |
Net reversal of provision | 642 | 936 | 1,725 | 2,550 | ||||
Unfunded loan commitment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Reserve for unfunded loan commitments | 500 | 500 | 500 | |||||
(Impairment) improvement of ASC 310-30 loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans guaranteed by U.S. Government Agencies | 76,871 | 76,871 | 92,595 | |||||
Allowance for loan leases | 848 | 848 | 993 | |||||
Net reversal of provision | 0 | $ 100 | 100 | $ 1,000 | ||||
Loans Guaranteed by US Government Authorities | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans guaranteed by U.S. Government Agencies | 169,700 | 169,700 | 168,300 | |||||
Loans Guaranteed by US Government Authorities | Loans and Leases with Allowance | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans guaranteed by U.S. Government Agencies | $ 161,300 | $ 161,300 | $ 168,300 |
Allowance for Loan and Lease Losses - Summary of Allowance for Loan Losses by Type (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
---|---|---|---|---|---|---|
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | $ 23,468 | $ 22,535 | ||||
Collectively evaluated for impairment | 40,372 | 39,975 | ||||
Total allowance | 64,688 | $ 65,139 | 63,503 | $ 64,214 | $ 62,685 | $ 64,642 |
Financing Receivables | ||||||
Individually evaluated for impairment | 223,561 | 207,923 | ||||
Collectively evaluated for impairment | 8,033,429 | 7,486,498 | ||||
Loans Outstanding | 8,333,861 | 7,787,016 | ||||
Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 848 | 993 | ||||
Financing Receivables | ||||||
Loans Outstanding | 76,871 | 92,595 | ||||
Commercial real estate | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 5,313 | 3,621 | ||||
Collectively evaluated for impairment | 11,679 | 12,638 | ||||
Total allowance | 17,685 | 18,914 | 16,941 | 18,151 | 16,996 | 17,946 |
Financing Receivables | ||||||
Individually evaluated for impairment | 60,646 | 37,471 | ||||
Collectively evaluated for impairment | 3,919,649 | 3,487,232 | ||||
Loans Outstanding | 4,008,414 | 3,554,802 | ||||
Commercial real estate | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 693 | 682 | ||||
Financing Receivables | ||||||
Loans Outstanding | 28,119 | 30,099 | ||||
Agriculture | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 10,720 | 11,468 | ||||
Collectively evaluated for impairment | 14,569 | 14,174 | ||||
Total allowance | 25,289 | 24,129 | 25,757 | 24,485 | 26,320 | 25,115 |
Financing Receivables | ||||||
Individually evaluated for impairment | 127,589 | 130,475 | ||||
Collectively evaluated for impairment | 1,821,465 | 1,702,634 | ||||
Loans Outstanding | 1,951,892 | 1,840,283 | ||||
Agriculture | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 0 | 115 | ||||
Financing Receivables | ||||||
Loans Outstanding | 2,838 | 7,174 | ||||
Commercial non-real estate | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 5,343 | 4,779 | ||||
Collectively evaluated for impairment | 10,517 | 9,335 | ||||
Total allowance | 15,860 | 15,730 | 14,114 | 14,425 | 11,949 | 12,990 |
Financing Receivables | ||||||
Individually evaluated for impairment | 28,974 | 31,933 | ||||
Collectively evaluated for impairment | 1,401,583 | 1,333,888 | ||||
Loans Outstanding | 1,432,598 | 1,367,741 | ||||
Commercial non-real estate | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 0 | 0 | ||||
Financing Receivables | ||||||
Loans Outstanding | 2,041 | 1,920 | ||||
Residential real estate | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 2,022 | 2,581 | ||||
Collectively evaluated for impairment | 2,376 | 2,570 | ||||
Total allowance | 4,553 | 5,111 | 5,347 | 5,760 | 6,069 | 7,106 |
Financing Receivables | ||||||
Individually evaluated for impairment | 6,185 | 7,751 | ||||
Collectively evaluated for impairment | 796,039 | 854,330 | ||||
Loans Outstanding | 845,612 | 914,817 | ||||
Residential real estate | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 155 | 196 | ||||
Financing Receivables | ||||||
Loans Outstanding | 43,388 | 52,736 | ||||
Consumer | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 70 | 86 | ||||
Collectively evaluated for impairment | 217 | 243 | ||||
Total allowance | 287 | 279 | 329 | 350 | 371 | 438 |
Financing Receivables | ||||||
Individually evaluated for impairment | 167 | 293 | ||||
Collectively evaluated for impairment | 50,506 | 65,207 | ||||
Loans Outstanding | 51,158 | 66,166 | ||||
Consumer | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 0 | 0 | ||||
Financing Receivables | ||||||
Loans Outstanding | 485 | 666 | ||||
Other | ||||||
Allowance for loan and lease losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,014 | 1,015 | ||||
Total allowance | 1,014 | $ 976 | 1,015 | $ 1,043 | $ 980 | $ 1,047 |
Financing Receivables | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 44,187 | 43,207 | ||||
Loans Outstanding | 44,187 | 43,207 | ||||
Other | Acquired receivables subject to ASC 310-30 | ||||||
Allowance for loan and lease losses | ||||||
Total allowance | 0 | 0 | ||||
Financing Receivables | ||||||
Loans Outstanding | $ 0 | $ 0 |
Accounting for Certain Loans Acquired with Deteriorated Credit Quality - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 37,841 | $ 38,705 | $ 44,131 | $ 38,124 |
Accretion | (3,993) | (3,789) | (11,038) | (9,767) |
Reclassification from nonaccretable difference | 2,554 | 13,218 | 3,309 | 19,777 |
Balance at end of period | $ 36,402 | $ 48,134 | $ 36,402 | $ 48,134 |
Accounting for Certain Loans Acquired with Deteriorated Credit Quality - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | $ 167,868 | $ 193,864 |
Recorded Investment | 76,871 | 92,595 |
Carrying Value | 76,023 | 91,602 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | 102,633 | 110,797 |
Recorded Investment | 28,119 | 30,099 |
Carrying Value | 27,426 | 29,417 |
Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | 5,065 | 10,463 |
Recorded Investment | 2,838 | 7,174 |
Carrying Value | 2,838 | 7,059 |
Commercial non-real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | 9,196 | 9,825 |
Recorded Investment | 2,041 | 1,920 |
Carrying Value | 2,041 | 1,920 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | 50,421 | 61,981 |
Recorded Investment | 43,388 | 52,736 |
Carrying Value | 43,233 | 52,540 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Balance | 553 | 798 |
Recorded Investment | 485 | 666 |
Carrying Value | $ 485 | $ 666 |
FDIC Indemnification Asset - Summary of FDIC Indemnification Asset Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
FDIC Indemnification Asset [Roll Forward] | ||||
Balance at beginning of period | $ 3,678 | $ 8,371 | $ 5,704 | $ 10,777 |
Amortization | (494) | (1,492) | (2,244) | (3,473) |
Changes in expected reimbursements from FDIC for changes in expected credit losses | (23) | 36 | (56) | (69) |
Changes in reimbursable expenses | (340) | (283) | (1,002) | (821) |
Reimbursements of covered losses to the FDIC | 169 | 353 | 588 | 571 |
Balance at end of period | $ 2,990 | $ 6,985 | $ 2,990 | $ 6,985 |
Derivative Financial Instruments - Schedule of Derivative Positions, Notional Amounts and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Derivative [Line Items] | ||
Gross Asset Fair Value | $ 20,852 | $ 1,850 |
Gross Liability Fair Value | (5,578) | (19,005) |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional Amount | 1,327,986 | 1,142,939 |
Gross Asset Fair Value | 20,852 | 5,630 |
Gross Liability Fair Value | (5,578) | (22,785) |
Not Designated as Hedging Instruments | Interest rate swaps | Financial institution counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 1,078,868 | 1,025,474 |
Gross Asset Fair Value | 18,404 | 4,967 |
Gross Liability Fair Value | (4,028) | (22,737) |
Not Designated as Hedging Instruments | Interest rate swaps | Customer counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 183,790 | 36,072 |
Gross Asset Fair Value | 2,440 | 615 |
Gross Liability Fair Value | (1,542) | 0 |
Not Designated as Hedging Instruments | Mortgage loan commitments | ||
Derivative [Line Items] | ||
Notional Amount | 31,074 | 37,765 |
Gross Asset Fair Value | 8 | 0 |
Gross Liability Fair Value | 0 | (48) |
Not Designated as Hedging Instruments | Mortgage loan forward sale contracts | ||
Derivative [Line Items] | ||
Notional Amount | 34,254 | 43,628 |
Gross Asset Fair Value | 0 | 48 |
Gross Liability Fair Value | $ (8) | $ 0 |
Derivative Financial Instruments - Summary of Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets, gross amount | $ 20,852 | $ 1,850 |
Derivative assets, fair value offset amount | (4,028) | (1,850) |
Derivative assets, cash collateral | (13,178) | 0 |
Derivative financial assets, net amount presented in Consolidated Balance Sheets | 3,646 | 0 |
Derivative liabilities, gross amount | (5,578) | (19,005) |
Derivative liabilities, fair value offset amount | 4,028 | 1,850 |
Derivative liabilities, cash collateral | 0 | 0 |
Derivative financial liabilities, net amount presented in Consolidated Balance Sheets | (1,550) | (17,155) |
Security collateral | 5,000 | 25,000 |
Collateral held for initial margin | $ 900 | $ 2,300 |
Derivative Financial Instruments - Narrative (Details) - Risk Participation Agreements $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Derivative [Line Items] | |
Notional amount sold | $ 37.4 |
Exposure from RPAs | $ 0.8 |
Derivative Financial Instruments - Effect on the Consolidated Statement of Comprehensive Income (Details) - Noninterest income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Statements of Income | $ 8,093 | $ (9,088) | $ 29,602 | $ 51,481 |
Mortgage loan commitments | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Statements of Income | 4 | (109) | 8 | (56) |
Mortgage loan forward sale contracts | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Statements of Income | $ (4) | $ 109 | $ (8) | $ 56 |
The Fair Value Option for Certain Loans - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Eligible item for the fair value option | $ (28.4) | $ (28.4) | $ 8.8 | ||
Loans greater than 90 days past due or in nonaccrual status | 13.2 | 13.2 | 14.7 | ||
Unpaid principal balance greater than 90 days past due or in nonaccrual status | 14.7 | 14.7 | 17.0 | ||
Long-term loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total unpaid principal balance of long-term loans | 916.6 | 916.6 | $ 1,010.0 | ||
Eligible item for the fair value option | $ 0.1 | $ 0.3 | $ 0.2 | $ 0.0 |
The Fair Value Option for Certain Loans - Summary of the Fair Value Option (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of loans | $ (7,370) | $ 6,060 | $ (30,872) | $ (63,158) |
Long-term loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of loans | (7,370) | 6,060 | (30,872) | (63,158) |
Long-term loans | Noninterest Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of loans | $ (7,370) | $ 6,060 | $ (30,872) | $ (63,158) |
Core Deposits and Other Intangibles - Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 16,341 | $ 16,341 |
Accumulated amortization | (8,235) | (6,967) |
Total | 8,106 | 9,374 |
Core Deposit Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,339 | 7,339 |
Accumulated amortization | (2,374) | (1,579) |
Total | 4,965 | 5,760 |
Brand Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 8,464 | 8,464 |
Accumulated amortization | (5,687) | (5,264) |
Total | 2,777 | 3,200 |
Other Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 538 | 538 |
Accumulated amortization | (174) | (124) |
Total | $ 364 | $ 414 |
Core Deposits and Other Intangibles - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of core deposits and other intangibles | $ 0.4 | $ 0.5 | $ 1.3 | $ 1.9 |
Core Deposits and Other Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining in 2018 | $ 394 | |
2019 | 1,538 | |
2020 | 1,430 | |
2021 | 1,334 | |
2022 | 1,249 | |
2023 and thereafter | 2,161 | |
Total | $ 8,106 | $ 9,374 |
Loan Servicing Rights - Schedule of Loan Servicing Rights Activity and Valuation Allowance (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Loan servicing rights | ||||
Beginning of period | $ 3,596 | $ 4,906 | $ 4,155 | $ 5,794 |
Amortization | (259) | (369) | (818) | (1,257) |
End of period | 3,337 | 4,537 | 3,337 | 4,537 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||||
Beginning of period | (10) | (3) | (81) | (13) |
(Additions) / reductions | 1 | (4) | 72 | 6 |
End of period | (9) | (7) | (9) | (7) |
Loan servicing rights, net | 3,328 | 4,530 | 3,328 | 4,530 |
Servicing fees received | 438 | 500 | 1,310 | 1,573 |
Balance of loans serviced at: | ||||
Beginning of period | 669,767 | 792,779 | 722,461 | 868,865 |
End of period | $ 641,403 | $ 759,670 | $ 641,403 | $ 759,670 |
Loan Servicing Rights - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
|
Transfers and Servicing [Abstract] | ||||||
Constant prepayment rates (as a percent) | 10.40% | |||||
Discount rate (as a percent) | 11.80% | |||||
Loan servicing rights, valuation allowance | $ 9 | $ 10 | $ 81 | $ 7 | $ 3 | $ 13 |
Securities Sold Under Agreements to Repurchase - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Sep. 30, 2017 |
|
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 135.1 | $ 139.3 |
Securities sold under agreements to repurchase, fair value of collateral | $ 129.6 | $ 137.4 |
Securities sold under agreements to repurchase, collateral, percentage of borrowed funds (as a percent) | 102.00% |
Securities Sold Under Agreements to Repurchase - Maturity Schedule of Agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 105,478 | $ 132,636 |
Municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 3,035 | 3,626 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 102,443 | 129,010 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 105,478 | 132,636 |
Overnight and Continuous | Municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 3,035 | 3,626 |
Overnight and Continuous | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 102,443 | 129,010 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
Up to 30 Days | Municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
Up to 30 Days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
30-90 Days | Municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
30-90 Days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
Greater than 90 Days | Municipal securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 0 | 0 |
Greater than 90 Days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 0 | $ 0 |
FHLB Advances and Other Borrowings - Schedule of Advances, Related Party Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 335,000 | $ 643,200 |
Fair value adjustment | 0 | 14 |
Total FHLB advances and other borrowings | 335,000 | 643,214 |
Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (FHLB) notes payable and fed funds advance | $ 175,000 | 56,000 |
Notes payable to banks | Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.28% | |
Notes payable to banks | Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 3.66% | |
Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (FHLB) notes payable and fed funds advance | $ 0 | 512,200 |
Notes payable to banks | Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 1.25% | |
Notes payable to banks | Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 1.27% | |
Federal Home Loan Bank fed funds advance | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 2.10% | |
Federal Home Loan Bank (FHLB) notes payable and fed funds advance | $ 160,000 | $ 75,000 |
FHLB Advances and Other Borrowings - Narrative (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Sep. 30, 2017 |
|
Debt Instrument [Line Items] | ||
Current borrowing capacity | $ 1,790,000,000 | $ 1,550,000,000 |
Loans pledged to the Federal Home Loan Bank | 3,200,000,000 | 3,710,000,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 10,000,000 | |
Interest rate at end of period (as a percent) | 4.09% | |
Outstanding advances | $ 0 | 0 |
Revolving Credit Facility | FRB Discount Window Loan | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | 1,520,000,000 | 1,890,000,000 |
Loans pledged to the Federal Reserve Board Discount Window | $ 1,830,000,000 | $ 2,550,000,000 |
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.00% | |
Letter of Credit | Federal Home Loan Bank | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 150,000,000 |
FHLB Advances and Other Borrowings - Schedule of Due or Callable Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 108,426 | $ 108,302 |
FHLB Advances and Related Party Notes Payable | ||
Debt Instrument [Line Items] | ||
Remaining in 2018 | 0 | |
2019 | 160,000 | |
2020 | 150,000 | |
2021 | 0 | |
2022 | 0 | |
2023 and thereafter | 25,000 | |
Total | $ 335,000 |
Subordinated Debentures and Subordinated Notes Payable - Junior Subordinated Deferrable Interest Debentures (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2018
USD ($)
trust
$ / shares
shares
|
Sep. 30, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||
Maximum interest payment deferral period | 5 years | |
Total subordinated debentures and subordinated notes payable | $ 108,426 | $ 108,302 |
Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Total subordinated debentures and subordinated notes payable | 73,579 | 73,511 |
Common shares held in other assets | $ 2,520 | $ 2,520 |
Trust Preferred Securities Subject to Mandatory Redemption | ||
Debt Instrument [Line Items] | ||
Number of trusts | trust | 7 | |
Number of shares caused to be issued (in shares) | shares | 73,400 | |
Par value per shares issued (in dollars per share) | $ / shares | $ 1,000 | |
Trust Preferred Securities Subject to Mandatory Redemption | London Interbank Offered Rate (LIBOR) | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.48% | |
Trust Preferred Securities Subject to Mandatory Redemption | London Interbank Offered Rate (LIBOR) | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.35% |
Subordinated Debentures and Subordinated Notes Payable - Subordinated Notes Payable (Details) - Subordinated Debt - USD ($) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2015 |
Jun. 30, 2018 |
Sep. 30, 2017 |
|
Debt Instrument [Line Items] | |||
Face amount of debt issued | $ 35,000,000 | ||
Stated interest rate (as a percent) | 4.875% | ||
Redemption price, percentage of principal (as a percent) | 100.00% | ||
Unamortized debt issuance costs | $ 153,000 | $ 209,000 | |
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.15% |
Subordinated Debentures and Subordinated Notes Payable - Summary of Subordinated Debentures and Notes Payable (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jun. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2015 |
|
Debt Instrument [Line Items] | |||
Total | $ 108,426 | $ 108,302 | |
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | 75,920 | 75,920 | |
Total junior subordinated debentures payable, common shares held in other assets | 2,520 | 2,520 | |
Less: fair value adjustment | (2,341) | (2,409) | |
Total | 73,579 | 73,511 | |
Junior Subordinated Debt | GW Statutory Trust IV, variable rate of 2.85%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | 23,093 | 23,093 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 693 | 693 | |
Basis spread on variable rate (as a percent) | 2.85% | ||
Junior Subordinated Debt | GW Statutory Trust VI, variable rate of 1.48%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 30,928 | 30,928 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 928 | 928 | |
Basis spread on variable rate (as a percent) | 1.48% | ||
Junior Subordinated Debt | SSB Trust II, variable rate of 1.85%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 2,062 | 2,062 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 62 | 62 | |
Basis spread on variable rate (as a percent) | 1.85% | ||
Junior Subordinated Debt | HF Capital Trust III, variable rate of 3.35%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 5,155 | 5,155 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 155 | 155 | |
Basis spread on variable rate (as a percent) | 3.35% | ||
Junior Subordinated Debt | HF Capital Trust IV, variable rate of 3.10%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 7,217 | 7,217 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 217 | 217 | |
Basis spread on variable rate (as a percent) | 3.10% | ||
Junior Subordinated Debt | HF Capital Trust V, variable rate of 1.83%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 5,310 | 5,310 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 310 | 310 | |
Basis spread on variable rate (as a percent) | 1.83% | ||
Junior Subordinated Debt | HF Capital Trust VI, variable rate of 1.65%, plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 2,155 | 2,155 | |
Total junior subordinated debentures payable, common shares held in other assets | $ 155 | 155 | |
Basis spread on variable rate (as a percent) | 1.65% | ||
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Less: unamortized debt issuance costs | $ (153) | (209) | |
Total | 34,847 | 34,791 | |
Stated interest rate (as a percent) | 4.875% | ||
Subordinated Debt | Fixed to floating rate, 4.875% per annum | |||
Debt Instrument [Line Items] | |||
Total subordinated debentures payable, amount outstanding | $ 35,000 | $ 35,000 | |
Stated interest rate (as a percent) | 4.875% |
Income Taxes - (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Income Tax Contingency [Line Items] | |||||||||||
Federal tax rate | 24.50% | 35.00% | 24.50% | 35.00% | |||||||
Provision for income taxes | $ 5,200 | $ 15,000 | |||||||||
Increase in provision for income taxes | $ 13,600 | ||||||||||
Tax Act - Stranded tax effects | [1] | $ 0 | |||||||||
Great Western Bank | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Effective income tax percentage | 26.30% | 34.50% | 34.10% | 33.00% | |||||||
Effective income tax percentage, excluding nonrecurring deferred tax adjustment related to federal tax reform | 26.30% | 26.30% | |||||||||
Forecast | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Federal tax rate | 24.50% | ||||||||||
Internal Revenue Service (IRS) | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Income taxes receivable | $ 3,200 | $ 3,200 | $ 4,600 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Tax Act - Stranded tax effects | [1] | (2,353) | |||||||||
Retained Earnings | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Tax Act - Stranded tax effects | [1] | $ 2,353 | |||||||||
ASU 2018-02 | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Tax Act - Stranded tax effects | $ (2,400) | ||||||||||
ASU 2018-02 | Retained Earnings | |||||||||||
Income Tax Contingency [Line Items] | |||||||||||
Tax Act - Stranded tax effects | $ 2,400 | ||||||||||
|
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Currently paid or payable | ||||
Federal | $ 11,881 | $ 14,334 | $ 32,632 | $ 44,275 |
State | 2,951 | 3,341 | 8,345 | 8,042 |
Current income tax expense (benefit) | 14,832 | 17,675 | 40,977 | 52,317 |
Deferred tax expense | ||||
Federal | 1,302 | 1,033 | 18,141 | 467 |
State | 225 | (271) | 602 | (77) |
Total | 1,527 | 762 | 18,743 | 390 |
Income tax expense | $ 16,359 | $ 18,437 | $ 59,720 | $ 52,707 |
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense computed at the statutory rate | $ 15,265 | $ 18,725 | $ 43,012 | $ 55,941 |
State income taxes, net of federal benefit | 2,396 | 1,995 | 6,752 | 5,177 |
Tax exempt interest income | (1,514) | (2,057) | (4,300) | (6,091) |
Impact of enacted federal income tax rate reduction | (115) | 0 | 13,471 | 0 |
Other | 327 | (226) | 785 | (2,320) |
Income tax expense | $ 16,359 | $ 18,437 | $ 59,720 | $ 52,707 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Deferred tax assets: | ||
Allowance for loan losses | $ 16,210 | $ 23,730 |
Compensation | 3,365 | 6,227 |
Securities available for sale | 8,807 | 3,413 |
Other real estate owned | 336 | 763 |
Core deposit intangible and other fair value adjustments | 4,272 | 6,058 |
Excess tax basis of FDIC indemnification asset and clawback liability | 3,703 | 4,563 |
Excess tax basis of loans acquired over carrying value | 5,500 | 9,417 |
Other reserves | 2,842 | 4,406 |
Other | 4,940 | 6,922 |
Total deferred tax assets | 49,975 | 65,499 |
Deferred tax liabilities: | ||
Goodwill and other intangibles | (12,652) | (13,784) |
Premises and equipment | (5,615) | (8,828) |
Other | (221) | (487) |
Total deferred tax liabilities | (18,488) | (23,099) |
Net deferred tax assets | $ 31,487 | $ 42,400 |
Employee Benefit Plans - Profit Sharing Plan (Details) - Multiple employer 401(k) profit sharing plan $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
year
|
Jun. 30, 2017
USD ($)
|
|
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution plan, requisite service period | 1 year | |||
Defined contribution plan, minimum age requirement | year | 21 | |||
Contributions by the Company | $ | $ 1.5 | $ 1.4 | $ 4.5 | $ 4.3 |
Employee Benefit Plans - Defined Benefit Plan (Details) $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Accumulated benefit obligation | $ 5.3 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1.4 | $ 1.4 | $ 4.3 | $ 5.2 |
Tax benefit from compensation expense | 0.4 | $ 0.5 | 1.4 | $ 1.9 |
Share-based compensation, compensation cost not yet recognized | $ 6.3 | $ 6.3 | ||
Share-based compensation, compensation cost not yet recognized, recognition period | 2 years 5 months 1 day | |||
Restricted shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested stock awards | $ 1.9 |
Stock-Based Compensation - Summary of Restricted Share and Performance-Based Stock Award Activity (Details) - $ / shares |
9 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Sep. 30, 2017 |
|
Restricted shares | ||
Common Shares | ||
Shares, beginning of fiscal year (in shares) | 180,337 | 160,335 |
Granted (in shares) | 89,376 | 90,363 |
Vested (in shares) | (97,148) | (68,293) |
Forfeited (in shares) | (8,139) | (2,068) |
Canceled (in shares) | 0 | 0 |
Shares, end of period (in shares) | 164,426 | 180,337 |
Vested, but not issuable at end of period (in shares) | 39,514 | 29,287 |
Weighted-Average Grant Date Fair Value | ||
Shares, beginning of fiscal year (in dollars per share) | $ 33.06 | $ 26.89 |
Granted (in dollars per share) | 41.07 | 39.35 |
Vested (in dollars per share) | 32.08 | 26.97 |
Forfeited (in dollars per share) | 35.78 | 30.91 |
Canceled (in dollars per share) | 0.00 | 0.00 |
Shares, end of period (in dollars per share) | 37.86 | 33.06 |
Vested, but not issuable at end of period (in dollars per share) | $ 32.90 | $ 30.05 |
Performance shares | ||
Common Shares | ||
Shares, beginning of fiscal year (in shares) | 133,604 | 236,185 |
Granted (in shares) | 54,982 | 137,612 |
Vested (in shares) | 0 | (235,055) |
Forfeited (in shares) | (4,487) | (5,138) |
Canceled (in shares) | 0 | 0 |
Shares, end of period (in shares) | 184,099 | 133,604 |
Vested, but not issuable at end of period (in shares) | 5,612 | 5,612 |
Weighted-Average Grant Date Fair Value | ||
Shares, beginning of fiscal year (in dollars per share) | $ 33.39 | $ 20.28 |
Granted (in dollars per share) | 29.13 | 39.43 |
Vested (in dollars per share) | 0.00 | 18.00 |
Forfeited (in dollars per share) | 37.94 | 19.80 |
Canceled (in dollars per share) | 0.00 | 0.00 |
Shares, end of period (in dollars per share) | 35.61 | 33.39 |
Vested, but not issuable at end of period (in dollars per share) | $ 18.00 | $ 18.00 |
Fair Value Measurements - Schedule of Fair Value Measurements of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 1,372,711 | $ 1,367,960 |
Fair value loans | 888,247 | 1,016,576 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 177,535 | 228,603 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,125,150 | 1,065,737 |
States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 69,026 | 72,586 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,372,711 | 1,367,960 |
Derivatives-assets | 3,646 | 0 |
Derivatives-liabilities | 1,550 | 17,155 |
Fair value loans | 888,247 | 1,016,576 |
Fair value, measurements, recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 177,535 | 228,603 |
Fair value, measurements, recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,125,150 | 1,065,737 |
Fair value, measurements, recurring | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 69,026 | 72,586 |
Fair value, measurements, recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,000 | 1,034 |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 177,535 | 228,603 |
Derivatives-assets | 0 | 0 |
Derivatives-liabilities | 0 | 0 |
Fair value loans | 0 | 0 |
Fair value, measurements, recurring | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 177,535 | 228,603 |
Fair value, measurements, recurring | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 1 | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,194,346 | 1,138,288 |
Derivatives-assets | 3,646 | 0 |
Derivatives-liabilities | 1,550 | 17,155 |
Fair value loans | 888,247 | 1,016,576 |
Fair value, measurements, recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,125,150 | 1,065,737 |
Fair value, measurements, recurring | Level 2 | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 68,196 | 71,517 |
Fair value, measurements, recurring | Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 1,000 | 1,034 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 830 | 1,069 |
Derivatives-assets | 0 | 0 |
Derivatives-liabilities | 0 | 0 |
Fair value loans | 0 | 0 |
Fair value, measurements, recurring | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 0 | 0 |
Fair value, measurements, recurring | Level 3 | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 830 | 1,069 |
Fair value, measurements, recurring | Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Changes in Level 3 Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 965 | $ 1,224 | $ 1,069 | $ 1,315 |
Principal paydown | (135) | (155) | (239) | (246) |
Balance, end of period | $ 830 | $ 1,069 | $ 830 | $ 1,069 |
Fair Value Measurements - Summary of Mortgage Loans Held-For-Sale, Fair Value Measurement (Details) - Fair value, measurements, nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other repossessed property | $ 9,051 | $ 7,728 |
Impaired loans | 200,093 | 185,388 |
Loans held for sale, at lower of cost or fair value | 6,805 | 7,456 |
Loan servicing rights | 3,328 | 4,074 |
Property held for sale | 1,107 | 5,147 |
Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other repossessed property | 0 | 0 |
Impaired loans | 0 | 0 |
Loans held for sale, at lower of cost or fair value | 0 | 0 |
Loan servicing rights | 0 | 0 |
Property held for sale | 0 | 0 |
Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other repossessed property | 0 | 0 |
Impaired loans | 0 | 0 |
Loans held for sale, at lower of cost or fair value | 6,805 | 7,456 |
Loan servicing rights | 0 | 0 |
Property held for sale | 0 | 0 |
Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Other repossessed property | 9,051 | 7,728 |
Impaired loans | 200,093 | 185,388 |
Loans held for sale, at lower of cost or fair value | 0 | 0 |
Loan servicing rights | 3,328 | 4,074 |
Property held for sale | $ 1,107 | $ 5,147 |
Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs Used to Measure Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Sep. 30, 2017 |
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Property held for sale | $ 1,107 | $ 5,147 |
Fair value, measurements, nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | 9,051 | 7,728 |
Impaired loans | 200,093 | 185,388 |
Loan servicing rights | 3,328 | 4,074 |
Fair value, measurements, nonrecurring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | 9,051 | 7,728 |
Impaired loans | 200,093 | 185,388 |
Loan servicing rights | 3,328 | $ 4,074 |
Property held for sale | $ 1,107 | |
Fair value, measurements, nonrecurring | Level 3 | Loan servicing rights | Discounted cash flows | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate (as a percent) | 7.90% | |
Discount rate (as a percent) | 10.00% | |
Fair value, measurements, nonrecurring | Level 3 | Loan servicing rights | Discounted cash flows | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate (as a percent) | 20.20% | |
Discount rate (as a percent) | 15.00% | |
Fair value, measurements, nonrecurring | Level 3 | Loan servicing rights | Discounted cash flows | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate (as a percent) | 10.40% | |
Discount rate (as a percent) | 11.80% |
Fair Value Measurements - Narrative (Details) |
9 Months Ended |
---|---|
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivative, remaining maturity (or less) | 180 days |
Fair Value Measurements - Schedule of Fair Values for Balance Sheet Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Sep. 30, 2017 |
---|---|---|
Level 1 | Carrying Amount | ||
Assets | ||
Cash and cash equivalents | $ 294,614 | $ 360,396 |
Level 1 | Fair Value | ||
Assets | ||
Cash and cash equivalents | 294,614 | 360,396 |
Level 3 | Carrying Amount | ||
Assets | ||
Loans, net excluding fair valued loans, loans held for sale and impaired loans | 8,219,986 | 7,881,018 |
Level 3 | Fair Value | ||
Assets | ||
Loans, net excluding fair valued loans, loans held for sale and impaired loans | 8,102,174 | 7,798,134 |
Level 2 | Carrying Amount | ||
Assets | ||
Accrued interest receivable | 51,979 | 53,176 |
Cash surrender value of life insurance policies | 30,245 | 29,619 |
FHLB stock | 25,008 | 37,551 |
Liabilities | ||
Deposits | 9,585,318 | 8,977,613 |
FHLB advances and other borrowings | 335,000 | 643,214 |
Securities sold under repurchase agreements | 105,478 | 132,636 |
Accrued interest payable | 7,925 | 4,405 |
Subordinated debentures and subordinated notes payable | 108,426 | 108,302 |
Level 2 | Fair Value | ||
Assets | ||
Accrued interest receivable | 51,979 | 53,176 |
Cash surrender value of life insurance policies | 30,245 | 29,619 |
FHLB stock | 25,008 | 37,551 |
Liabilities | ||
Deposits | 9,585,693 | 8,978,926 |
FHLB advances and other borrowings | 336,094 | 645,421 |
Securities sold under repurchase agreements | 105,478 | 132,636 |
Accrued interest payable | 7,925 | 4,405 |
Subordinated debentures and subordinated notes payable | $ 107,824 | $ 108,293 |
Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 45,874 | $ 35,060 | $ 115,636 | $ 107,125 |
Weighted average common shares outstanding (in shares) | 58,948,944 | 58,790,314 | 58,930,963 | 58,776,546 |
Dilutive effect of stock based compensation (in shares) | 221,114 | 340,318 | 203,672 | 288,856 |
Weighted average common shares outstanding for diluted earnings per share calculation (in shares) | 59,170,058 | 59,130,632 | 59,134,635 | 59,065,402 |
Basic earnings per share (in dollars per share) | $ 0.78 | $ 0.60 | $ 1.96 | $ 1.82 |
Diluted earnings per share (in dollars per share) | $ 0.78 | $ 0.59 | $ 1.96 | $ 1.81 |
Earnings per Share - Narrative (Details) - shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Performance shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share (in shares) | 0 | 0 |
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