QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
(Unaudited) | |||||||||||
June 30, 2021 | September 30, 2020 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing bank deposits | |||||||||||
Cash and cash equivalents | |||||||||||
Securities purchased under agreements to resell | |||||||||||
Securities available for sale | |||||||||||
Securities held to maturity | |||||||||||
Loans, net of unearned discounts and deferred fees, including $ | |||||||||||
Allowance for credit losses ¹ | ( | ( | |||||||||
Net loans | |||||||||||
Premises and equipment, including $ | |||||||||||
Accrued interest receivable | |||||||||||
Other repossessed property | |||||||||||
Cash surrender value of life insurance policies | |||||||||||
Net deferred tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Securities sold under agreements to repurchase | |||||||||||
FHLB advances and other borrowings | |||||||||||
Subordinated debentures and subordinated notes payable | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ | |||||||||
1 Prior to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020, this line represented the allowance for loan and lease losses under the incurred loss model. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Federal funds sold and other | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
FHLB advances and other borrowings | |||||||||||||||||||||||
Subordinated debentures and subordinated notes payable | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
(Reversal of) provision for credit losses ¹ | ( | ( | |||||||||||||||||||||
Net interest income after (reversal of) provision for credit losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges and other fees | |||||||||||||||||||||||
Wealth management fees | |||||||||||||||||||||||
Mortgage banking income, net | |||||||||||||||||||||||
Net gain on sale of securities and other assets | |||||||||||||||||||||||
Derivative interest expense | ( | ( | ( | ( | |||||||||||||||||||
Change in fair value of FVO loans and related derivatives | ( | ( | |||||||||||||||||||||
Other derivative income | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest income (loss) | ( | ||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Data processing and communication | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Advertising | |||||||||||||||||||||||
Net (gain) loss on repossessed property and other related expenses | ( | ( | |||||||||||||||||||||
Goodwill and intangible assets impairment | |||||||||||||||||||||||
Other ¹ | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Basic earnings per common share | |||||||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted earnings per common share | |||||||||||||||||||||||
Weighted average diluted common shares outstanding | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Dividends per share | |||||||||||||||||||||||
Dividends paid | $ | $ | $ | $ | |||||||||||||||||||
Dividends per share | $ | $ | $ | $ | |||||||||||||||||||
1 For the three and nine months ended June 30, 2021, this line includes a $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Net unrealized holding gain (loss) arising during the period | ( | ||||||||||||||||||||||
Reclassification adjustment for net gain realized in net income | ( | ||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Comprehensive Income | Common Stock Par Value | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||
Balance, April 1, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | $ | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||||||||
Total comprehensive income | $ | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of tax | — | — | — | ||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common stock, $ | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Balance, April 1, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | $ | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||||||||
Total comprehensive income | $ | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of tax | — | — | — | ||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common stock, $ | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Comprehensive (Loss) Income | Common Stock Par Value | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||
Balance, October 1, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net (loss) | $ | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ||||||||||||||||||||||||||||||||
Total comprehensive (loss) | $ | ( | |||||||||||||||||||||||||||||||||
— | — | ( | — | ( | |||||||||||||||||||||||||||||||
Stock-based compensation, net of tax | — | — | |||||||||||||||||||||||||||||||||
Repurchase common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common stock, $ | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Balance, October 1, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | $ | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive (loss), net of tax | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Total comprehensive income | $ | ||||||||||||||||||||||||||||||||||
— | — | ( | — | ( | |||||||||||||||||||||||||||||||
Stock-based compensation, net of tax | — | — | |||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common stock, $ | — | ( | — | ( | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
¹ Cumulative effect adjustment related to the Company's adoption of ASU 2016-02, Leases (Topic 842), and subsequent related ASUs on October 1, 2019. | |||||||||||||||||||||||||||||||||||
2 Cumulative effect adjustment related to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020. For additional information, see Note 2, "New Accounting Pronouncements". |
Nine Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and deferred fee accretion, net | ( | ||||||||||
Amortization of FDIC indemnification asset | |||||||||||
Net (gain) loss on sale of other assets | ( | ||||||||||
Net gain on sale of loans | ( | ( | |||||||||
(Reversal of) provision for credit losses ¹ | ( | ||||||||||
Goodwill and intangible assets impairment | |||||||||||
(Reversal of) provision for loan servicing rights loss | ( | ||||||||||
Stock-based compensation | |||||||||||
Originations of residential real estate loans held for sale | ( | ( | |||||||||
Proceeds from sales of residential real estate loans held for sale | |||||||||||
Proceeds from sale of other assets | |||||||||||
Net deferred income taxes | ( | ||||||||||
Changes in: | |||||||||||
Accrued interest receivable | |||||||||||
Other assets | ( | ||||||||||
Accrued interest payable and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Net change in securities purchased under agreements to resell | ( | ||||||||||
Purchase of debt securities available for sale | ( | ( | |||||||||
Proceeds from maturities of debt securities available for sale | |||||||||||
Purchase of debt securities held to maturity | ( | ||||||||||
Proceeds from maturities of debt securities held to maturity | |||||||||||
Net decrease (increase) in loans | ( | ||||||||||
Payment of covered losses from FDIC indemnification claims | ( | ||||||||||
Purchase of premises and equipment | ( | ( | |||||||||
Proceeds from sale of premises and equipment | |||||||||||
Proceeds from sale of repossessed property | |||||||||||
Purchase of bank owned life insurance policies | ( | ||||||||||
Purchase of FHLB stock | ( | ( | |||||||||
Proceeds from redemption of FHLB stock | |||||||||||
Net cash paid in business acquisition | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing activities | |||||||||||
Net increase in deposits | |||||||||||
Net increase in securities sold under agreements to repurchase and other short-term borrowings | |||||||||||
Proceeds from FHLB advances and other long-term borrowings | |||||||||||
Repayments on FHLB advances and other long-term borrowings | ( | ( | |||||||||
Common stock repurchased | ( | ||||||||||
Taxes paid related to net share settlement of equity awards | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash payments for interest | $ | $ | |||||||||
Cash (receipts from) payments for income taxes | $ | $ | |||||||||
Supplemental disclosure of noncash investing and financing activities | |||||||||||
Loans transferred to repossessed properties | $ | ( | $ | ( | |||||||
1 For the nine months ended June 30, 2021, this line includes a $ |
Credit Quality Risk Rating Effective After October 1, 2020 | Credit Quality Indicators | ||||
Pass | Commercial loans within this category are not adversely rated, current as to principal and interest, and are otherwise in material compliance with the contractual terms of the loan agreement. Management believes there is a low likelihood of loss related to loans in this category. | ||||
Special Mention | Commercial loans within this category have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company's credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant an adverse classification. | ||||
Substandard | Commercial loans within this category are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans in this category are assigned a workout loan officer to closely monitor the relationship. | ||||
Doubtful | Commercial loans within this category are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. |
Loan Segment | Composition | Collateral | Primary Source of Repayment | Key Risk Characteristics | ||||||||||
Construction and development 1 | Commercial and residential construction loans | Secured by commercial and residential real estate | Cash flows | Industry and geography of borrower's business, purpose of the loan, repayment sources, borrower's capacity and financial performance, loan covenants, guarantees and nature of pledged collateral | ||||||||||
Owner-occupied CRE | Small and middle market businesses | Secured by commercial real estate | ||||||||||||
Non-owner-occupied CRE | ||||||||||||||
Multifamily residential real estate | ||||||||||||||
Agriculture | Agri-business operating and real estate loans | Secured by operating assets, agricultural real estate, and guarantees of owners | Cash flows | Geography of the borrower's operations, commodity type and prices and weather patterns, purpose of the loan, repayment sources, borrower's debt capacity and financial performance, loan covenants, guarantees and nature of pledged collateral | ||||||||||
Commercial non-real estate | Small and middle market businesses and loans made to public sector | Secured by business assets and guarantees of owners | Cash flows | Industry and geography of the borrower's business, purpose of the loan, repayment sources, borrower's debt capacity and financial performance, loan covenants, guarantees and nature of pledged collateral | ||||||||||
Residential real estate | Residential mortgages and home equity loans and lines | Secured by residential real estate | Borrower's income | Borrower's capacity and willingness to repay, unemployment rates and other economic factors, and customer repayment history | ||||||||||
Consumer and other | Consumer loans and all other loan relationships that do not fit within categories above, including consumer and commercial credit cards and consumer deposit account overdrafts | Secured by automobiles, unsecured | ||||||||||||
1 Residential real estate construction loans are included in the construction and development segment until construction is completed, after which the loan is moved to the residential real estate loan segment. |
Reported Balance September 30, 2020 | Reclassifications ¹ | Unamortized Discounts, Unearned Net Deferred Fees and Net Loans in Process Included in Amortized Cost ² | Adjusted Balance September 30, 2020 | Adoption of ASU 2016-13, as amended ³ | Adjusted Balance October 1, 2020 | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Construction and development | n/a ⁴ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Owner-occupied CRE | n/a ⁴ | ( | |||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | n/a ⁴ | ( | |||||||||||||||||||||||||||||||||
Multifamily residential real estate | n/a ⁴ | ( | ( | ||||||||||||||||||||||||||||||||
Total commercial real estate | ( | ||||||||||||||||||||||||||||||||||
Agriculture | ( | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | ( | ( | |||||||||||||||||||||||||||||||||
Residential real estate | ( | ( | |||||||||||||||||||||||||||||||||
Consumer and other | ( | ||||||||||||||||||||||||||||||||||
Consumer | ( | ||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Ending balance | ( | ||||||||||||||||||||||||||||||||||
Less: Unamortized discount on acquired loans | ( | ||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and net loans in process | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Allowance: | |||||||||||||||||||||||||||||||||||
Construction and development | n/a ⁴ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Owner-occupied CRE | n/a ⁴ | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Non-owner-occupied CRE | n/a ⁴ | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Multifamily residential real estate | n/a ⁴ | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Total commercial real estate | ( | — | — | — | — | ||||||||||||||||||||||||||||||
Agriculture | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Commercial non-real estate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Residential real estate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Consumer and other | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
1 Reclassifications made from reported loan and related allowance segments to align with the eight loan portfolio pools established for adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, to estimate credit losses. | |||||||||||||||||||||||||||||||||||
2 Unamortized discount on acquired loans, unearned net deferred fees and costs and net loans in process to related were assigned to appropriate loan portfolio segment to present loan categories at amortized cost. | |||||||||||||||||||||||||||||||||||
3 Discounts on previously acquired loans and Day 1 impact of adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, were transferred to allowance for credit losses as a part of CECL adoption. | |||||||||||||||||||||||||||||||||||
4 Balance for this segment is included in total commercial real estate for September 30, 2020. |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||
U.S. Agency securities | ( | ||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | ( | ( | |||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ( | ( | |||||||||||||||||||||||||||
Federal National Mortgage Association | ( | ( | |||||||||||||||||||||||||||
Small Business Assistance Program | ( | ( | |||||||||||||||||||||||||||
States and political subdivision securities | ( | ||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||
Securities held to maturity | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | ( | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | ( | ||||||||||||||||||||||||||||
Federal National Mortgage Association | ( | ||||||||||||||||||||||||||||
Small Business Assistance Program | ( | ||||||||||||||||||||||||||||
States and political subdivision securities | |||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Securities available for sale | |||||||||||||||||
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 | $ | $ | $ | $ | |||||||||||||
Securities held to maturity | |||||||||||||||||
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 | $ | $ | $ | $ |
As of June 30, 2021 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||
U.S. Agency securities | ( | ( | ||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||
States and political subdivision securities | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Mortgage-backed securities | ( | ( | ||||||||||||||||||||||||
States and political subdivision securities | ||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( |
As of September 30, 2020 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
U.S. Agency securities | ||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||
States and political subdivision securities | ||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
States and political subdivision securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||
Total Loans | Less: Fair Value Option Loans | Less: Guaranteed Loans ¹ | Loans at Amortized Cost | Total Loans ² | Less: Fair Value Option Loans | Less: Guaranteed Loans ¹ | Loans at Amortized Cost | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Construction and development | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Non-owner-occupied CRE | |||||||||||||||||||||||||||||
Multifamily residential real estate | |||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||
Residential real estate ³ | |||||||||||||||||||||||||||||
Consumer and other ⁴ | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
1 Includes loans guaranteed by agencies of the U.S. government. | |||||||||||||||||||||||||||||
2 As a part of the adoption of CECL, loan pools are presented based on amortized cost, which includes unpaid principal balance, unamortized discount on acquired loans, and unearned net deferred fees and costs. For additional information on September 30, 2020 loan segment balances, see Note 2. | |||||||||||||||||||||||||||||
3 Includes residential real estate loans held for sale of $ | |||||||||||||||||||||||||||||
4 Other loans primarily include consumer and commercial credit cards, customer deposit account overdrafts and loans in process. |
As of June 30, 2021 | Current or Less Than 30 Days Past Due | 30-89 Days Past Due | 90 Days Past Due and Still Accruing | Nonaccrual | Total | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Construction and development | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Non-owner-occupied CRE | |||||||||||||||||||||||||||||
Multifamily residential real estate | |||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
As of September 30, 2020 | Current or Less Than 30 Days Past Due | 30-89 Days Past Due | 90 Days Past Due and Still Accruing | Nonaccrual | Total | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
September 30, 2020 | June 30, 2021 | Three Months Ended June 30, 2021 | Nine Months Ended June 30, 2021 | |||||||||||||||||
Nonaccrual | Nonaccrual | Nonaccrual Loans with No Related ACL | Accrued Interest Written Off on Nonaccrual Loans | Accrued Interest Written Off on Nonaccrual Loans | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Construction and development | n/a ¹ | $ | $ | $ | $ | |||||||||||||||
Owner-occupied CRE | n/a ¹ | |||||||||||||||||||
Non-owner-occupied CRE | n/a ¹ | |||||||||||||||||||
Multifamily residential real estate | n/a ¹ | |||||||||||||||||||
Total commercial real estate | $ | |||||||||||||||||||
Agriculture | ||||||||||||||||||||
Commercial non-real estate | ||||||||||||||||||||
Residential real estate | ||||||||||||||||||||
Consumer and other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
1 Balance for this segment is included in total commercial real estate for September 30, 2020. |
Term loans | |||||||||||||||||||||||||||||
Fiscal Year to Date | Fiscal Year | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total construction and development | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total owner-occupied CRE | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Non-owner-occupied CRE | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total non-owner-occupied CRE | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Multifamily residential real estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total multifamily residential real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total agriculture | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total commercial non-real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Term loans | |||||||||||||||||||||||||||||
Fiscal Year to Date | Fiscal Year | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Residential real estate ¹ | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total residential real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Consumer and other ¹ | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total consumer and other | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
1 The Company generally does not risk rate residential real estate or consumer and other 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 and other loans. |
As of September 30, 2020 | Commercial Real Estate | Agriculture | Commercial Non-Real Estate | Residential Real Estate ¹ | Consumer and Other ¹ | Total | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Watchlist | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
1 The Company generally does not risk rate residential real estate or consumer and other 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 and other loans. |
September 30, 2020 | |||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance for Credit Losses | |||||||||
Impaired loans: | (dollars in thousands) | ||||||||||
With an allowance for credit losses recorded: | |||||||||||
Commercial real estate | $ | $ | $ | ||||||||
Agriculture | |||||||||||
Commercial non-real estate | |||||||||||
Residential real estate | |||||||||||
Consumer and other | |||||||||||
Total impaired loans with an allowance for credit losses recorded | |||||||||||
With no allowance for credit losses recorded: | |||||||||||
Commercial real estate | — | ||||||||||
Agriculture | — | ||||||||||
Commercial non-real estate | — | ||||||||||
Residential real estate | — | ||||||||||
Consumer and other | — | ||||||||||
Total impaired loans with no allowance for credit losses recorded | — | ||||||||||
Total impaired loans | $ | $ | $ |
Three Months Ended June 30, 2020 | Nine Months Ended June 30, 2020 | ||||||||||||||||
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 | $ | $ | $ | $ | |||||||||||||
Agriculture | |||||||||||||||||
Commercial non-real estate | |||||||||||||||||
Residential real estate | |||||||||||||||||
Consumer | |||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | Nine Months Ended June 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Accretion | ( | ( | |||||||||
Reclassification (to) nonaccretable difference | ( | ( | |||||||||
Balance, end of period | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||
Accruing | Nonaccrual | Accruing | Nonaccrual | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Construction and development | $ | $ | n/a ¹ | n/a ¹ | |||||||||||||
Owner-occupied CRE | n/a ¹ | n/a ¹ | |||||||||||||||
Non-owner-occupied CRE | n/a ¹ | n/a ¹ | |||||||||||||||
Multifamily residential real estate | n/a ¹ | n/a ¹ | |||||||||||||||
Total commercial real estate | $ | $ | |||||||||||||||
Agriculture | |||||||||||||||||
Commercial non real estate | |||||||||||||||||
Residential real estate | |||||||||||||||||
Consumer and other | |||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||
1 Balance for this segment is included in total commercial real estate for September 30, 2020. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and development | $ | $ | n/a ¹ | n/a ¹ | n/a ¹ | $ | $ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Multifamily residential real estate | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
Total accruing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Change in recorded investment due to chargeoffs at time of modification | |||||||||||||||||||||||||||||||||||||||||||||||
1 Balance for this segment is included in total commercial real estate for the three and nine months ended June 30, 2020. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and development | $ | $ | n/a ¹ | n/a ¹ | n/a ¹ | $ | $ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Multifamily residential real estate | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccruing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Change in recorded investment due to chargeoffs at time of modification | |||||||||||||||||||||||||||||||||||||||||||||||
1 Balance for this segment is included in total commercial real estate for the three and nine months ended June 30, 2020. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Construction and development | $ | n/a ¹ | n/a ¹ | $ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||
Owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||
Non-owner-occupied CRE | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||
Multifamily residential real estate | n/a ¹ | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | |||||||||||||||||||||||||||||||||
Agriculture | |||||||||||||||||||||||||||||||||||
Commercial non-real estate | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
1 Balance for this segment is included in total commercial real estate for the three and nine months ended June 30, 2020. |
Three Months Ended June 30, 2021 | Beginning balance, April 1, 2021 | Charge-offs | Recoveries | Provision for (reversal of) credit losses on loans | Ending balance, June 30, 2021 | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Construction and development | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Owner-occupied CRE | ( | ( | |||||||||||||||||||||||||||
Non-owner-occupied CRE | ( | ( | |||||||||||||||||||||||||||
Multifamily residential real estate | ( | ( | |||||||||||||||||||||||||||
Total commercial real estate | ( | ( | |||||||||||||||||||||||||||
Agriculture | ( | ( | |||||||||||||||||||||||||||
Commercial non-real estate | ( | ( | |||||||||||||||||||||||||||
Residential real estate | ( | ( | |||||||||||||||||||||||||||
Consumer and other | ( | ||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended June 30, 2021 | Adjusted balance September 30, 2020 ¹ | Adoption of ASU 2016-13, as amended | Adjusted beginning balance, October 1, 2020 | Charge-offs | Recoveries | (Reversal of) provision for credit losses on loans | Ending balance, June 30, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Construction and development | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | ( | ( | |||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | ( | ||||||||||||||||||||||||||||||||||||||||
Multifamily residential real estate | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ( | ||||||||||||||||||||||||||||||||||||||||
Agriculture | ( | ( | |||||||||||||||||||||||||||||||||||||||
Commercial non-real estate | ( | ( | |||||||||||||||||||||||||||||||||||||||
Residential real estate | ( | ( | |||||||||||||||||||||||||||||||||||||||
Consumer and other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
1 At September 30, 2020, the allowance balances were reclassified to align with the eight loan portfolio pools established for adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs. For additional information, see Note 2. |
Three Months Ended June 30, 2020 | Beginning balance, April 1, 2020 | Charge-offs | Recoveries | Provision for credit losses on loans | Impairment of ASC 310-30 loans | Ending balance, June 30, 2020 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Agriculture | ( | ||||||||||||||||||||||||||||||||||
Commercial non-real estate | ( | ||||||||||||||||||||||||||||||||||
Residential real estate | ( | ||||||||||||||||||||||||||||||||||
Consumer and other | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ |
Nine Months Ended June 30, 2020 | Beginning balance, October 1, 2019 | Charge-offs | Recoveries | Provision for credit losses on loans | (Improvement) impairment of ASC 310-30 loans | Ending balance, June 30, 2020 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Agriculture | ( | ( | |||||||||||||||||||||||||||||||||
Commercial non-real estate | ( | ||||||||||||||||||||||||||||||||||
Residential real estate | ( | ||||||||||||||||||||||||||||||||||
Consumer and other | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
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 - FVO loan portfolio | |||||||||||||||||||||||
Financial institution counterparties | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||
Interest rate swaps - Other | |||||||||||||||||||||||
Financial institution counterparties | ( | ( | |||||||||||||||||||||
Customer counterparties | ( | ||||||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||
Financial institution counterparties | |||||||||||||||||||||||
Customer counterparties | ( | ( | |||||||||||||||||||||
Risk participation agreements | ( | ( | |||||||||||||||||||||
Mortgage loan commitments | ( | ( | |||||||||||||||||||||
Mortgage loan forward sale contracts | |||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | ( |
Gross Fair Value | Fair Value Offset Amount | Cash Collateral | Net Amount Presented on the Consolidated Balance Sheet | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||
Total Derivative Assets | $ | $ | ( | $ | $ | ||||||||||||||||||
Total Derivative Liabilities ¹ | ( | ( | |||||||||||||||||||||
1 There was an additional $ |
Gross Fair Value | Fair Value Offset Amount | Cash Collateral | Net Amount Presented on the Consolidated Balance Sheet | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of September 30, 2020 | |||||||||||||||||||||||
Total Derivative Assets | $ | $ | ( | $ | $ | ||||||||||||||||||
Total Derivative Liabilities ¹ | ( | ( | |||||||||||||||||||||
1 There was an additional $ |
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | ||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
Location of (Loss) Gain Recognized in Consolidated Statements of Income | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate swaps - FVO loan portfolio | Derivative interest expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||
Interest rate swaps - FVO loan portfolio | Change in fair value of FVO loans and related derivatives | ( | ( | ( | ||||||||||||||||
Interest rate swaps and other derivatives | Other derivative income | |||||||||||||||||||
Mortgage loan commitments | Other derivative income | ( | ||||||||||||||||||
Mortgage loan forward sale contracts | Other derivative income | ( | ( | ( |
Core Deposit Intangible | Customer Relationships Intangible | Other Intangible | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||
Gross carrying amount | $ | $ | $ | $ | |||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||
Net intangible assets | $ | $ | $ | $ | |||||||||||||||||||
As of September 30, 2020 | |||||||||||||||||||||||
Gross carrying amount | $ | $ | $ | $ | |||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||
Net intangible assets | $ | $ | $ | $ |
Fiscal year | Amount | ||||
(dollars in thousands) | |||||
Remaining in 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total | $ |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
ROU asset | $ | $ | |||||||||
Total lease liability | |||||||||||
Weighted average remaining lease term | |||||||||||
Weighted average discount rate ¹ | % | % | |||||||||
1 The Company uses its incremental borrowing rate to calculate the present value of lease payments when the interest rate implicit in the lease is not disclosed. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows paid for operating leases | $ | $ | $ | $ | |||||||||||||
Right-of-use assets obtained in exchange for lease liabilities: | |||||||||||||||||
Operating leases | $ | ( | $ | $ | $ |
Fiscal year | Amount | ||||
(dollars in thousands) | |||||
Remaining in 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total undiscounted lease payments | |||||
Less: Amounts representing interest | ( | ||||
Lease liability | $ |
June 30, 2021 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total repurchase agreements | $ | $ | $ | $ | $ |
September 30, 2020 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total repurchase agreements | $ | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Short-term borrowings: | |||||||||||
Fed funds purchased, matured in October 2020 | $ | $ | |||||||||
Long-term borrowings: | |||||||||||
Notes payable to FHLB, interest rates from | |||||||||||
Total | $ | $ |
Fiscal year | Amount | ||||
(dollars in thousands) | |||||
Remaining in 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||
Amount Outstanding | Common Shares Held in Other Assets | Amount Outstanding | Common Shares Held in Other Assets | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Junior subordinated debentures payable to non-consolidated trusts | |||||||||||||||||
GW Statutory Trust IV, variable rate of | $ | $ | $ | $ | |||||||||||||
GW Statutory Trust VI, variable rate of | |||||||||||||||||
SSB Trust II, variable rate of | |||||||||||||||||
HF Capital Trust III, variable rate of | |||||||||||||||||
HF Capital Trust IV, variable rate of | |||||||||||||||||
HF Capital Trust V, variable rate of | |||||||||||||||||
HF Capital Trust VI, variable rate of | |||||||||||||||||
Total junior subordinated debentures payable | $ | $ | |||||||||||||||
Less: fair value adjustment ¹ | ( | ( | |||||||||||||||
Total junior subordinated debentures payable, net of fair value adjustment | |||||||||||||||||
Subordinated notes payable | |||||||||||||||||
Fixed to floating rate effective August 2020, | |||||||||||||||||
Total subordinated debentures and subordinated notes payable | $ | $ | |||||||||||||||
1 Adjustment reflects the fair value adjustments related to the junior subordinated deferrable interest debentures assumed as part of the HF Financial acquisition. |
June 30, 2021 | September 30, 2020 | ||||||||||||||||
Common Shares | Weighted-Average Grant Date Fair Value | Common Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||
Restricted Shares | |||||||||||||||||
Restricted shares, beginning of fiscal year | $ | $ | |||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ( | |||||||||||||||
Forfeited | ( | ( | |||||||||||||||
Canceled | |||||||||||||||||
Restricted shares, end of period | $ | $ | |||||||||||||||
Vested, but not issuable at end of period | $ | $ | |||||||||||||||
Performance Shares | |||||||||||||||||
Performance shares, beginning of fiscal year | $ | $ | |||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ( | |||||||||||||||
Forfeited | ( | ( | |||||||||||||||
Canceled | |||||||||||||||||
Performance shares, end of period | $ | $ | |||||||||||||||
Vested, but not issuable at end of period | $ | $ |
Fair Value | Level 1 | Level 2 | Level 3 ¹ | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. Agency securities | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
States and political subdivision securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Derivatives-assets | $ | $ | $ | $ | |||||||||||||||||||
Derivatives-liabilities | |||||||||||||||||||||||
Fair value loans | |||||||||||||||||||||||
Loan servicing rights | |||||||||||||||||||||||
As of September 30, 2020 | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. Agency securities | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
States and political subdivision securities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Derivatives-assets | $ | $ | $ | $ | |||||||||||||||||||
Derivatives-liabilities | |||||||||||||||||||||||
Fair value loans | |||||||||||||||||||||||
Loan servicing rights | |||||||||||||||||||||||
1 All following disclosures related to Level 3 recurring and non-recurring assets do not include those deemed to be immaterial. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Loan servicing rights | |||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||
Realized and unrealized loss ¹ | ( | ( | ( | ( | |||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||
1 Realized and unrealized loss related to loan servicing rights are reported as a component of mortgage banking income, net on the consolidated statements of income. |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||
Other repossessed property | $ | $ | $ | $ | |||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Mortgage loans held for sale, at lower of cost or fair value | |||||||||||||||||||||||
Property held for sale | |||||||||||||||||||||||
As of September 30, 2020 | |||||||||||||||||||||||
Other repossessed property | $ | $ | $ | $ | |||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Mortgage loans held for sale, at lower of cost or fair value | |||||||||||||||||||||||
Property held for sale |
Fair Value of Assets / (Liabilities) at June 30, 2021 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Other repossessed property | $ | Appraisal value | Collateral specific adjustment | N/A | N/A | ||||||||||||||||||||||||
Impaired loans | Appraisal value | Collateral specific adjustment | N/A | N/A | |||||||||||||||||||||||||
Property held for sale | Appraisal value | Collateral specific adjustment | N/A | N/A |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Level in Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | $ | $ | $ | ||||||||||||||||||
Securities purchased under agreements to resell | Level 1 | ||||||||||||||||||||||
Securities held to maturity | Level 1 | ||||||||||||||||||||||
Securities held to maturity | Level 2 | ||||||||||||||||||||||
Securities held to maturity | Level 3 | ||||||||||||||||||||||
Loans, net, excluding fair valued loans, loans held for sale and impaired loans ¹ | Level 3 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Time deposits | Level 2 | ||||||||||||||||||||||
FHLB advances and other borrowings | Level 2 | ||||||||||||||||||||||
Securities sold under repurchase agreements | Level 2 | ||||||||||||||||||||||
Subordinated debentures and subordinated notes payable | Level 2 | ||||||||||||||||||||||
1 Includes $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Dilutive effect of stock based compensation | |||||||||||||||||
Weighted average common shares outstanding for diluted earnings per share calculation | |||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ( | ||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ( |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Noninterest income (loss) | |||||||||||||||||
Service charges and other fees | $ | $ | $ | $ | |||||||||||||
Wealth management fees | |||||||||||||||||
Other | |||||||||||||||||
Noninterest income from contracts with customers within the scope of ASC Topic 606 | |||||||||||||||||
Noninterest income (loss) within the scope of other GAAP Topics ¹ | ( | ( | |||||||||||||||
Total noninterest income (loss) | $ | $ | ( | $ | $ | ||||||||||||
1 The Company presents out of scope noninterest income for the purpose of reconciling noninterest income amounts within the scope of ASC Topic 606 to noninterest income amounts presented on the Company's consolidated statements of income. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands, except share and per share amounts) | |||||||||||||||||
Operating Data: | |||||||||||||||||
Interest income (FTE) | $ | 104,219 | $ | 121,472 | $ | 331,988 | $ | 381,289 | |||||||||
Interest expense | 5,161 | 13,620 | 18,977 | 63,244 | |||||||||||||
Noninterest income (loss) | 19,371 | (11,683) | 50,712 | 3,967 | |||||||||||||
Noninterest expense | 60,505 | 67,049 | 177,057 | 932,432 | |||||||||||||
(Reversal of) provision for credit losses ³ | (20,699) | 21,641 | (13,800) | 101,539 | |||||||||||||
Net income (loss) | 58,749 | 5,400 | 151,367 | (691,944) | |||||||||||||
Adjusted net income ¹ | 58,749 | 5,400 | 151,367 | 77,754 | |||||||||||||
Common shares outstanding | 55,116,095 | 55,014,047 | 55,116,095 | 55,014,047 | |||||||||||||
Weighted average diluted common shares outstanding | 55,524,979 | 55,145,619 | 55,409,573 | 55,788,751 | |||||||||||||
Earnings per common share - diluted | $ | 1.06 | $ | 0.10 | $ | 2.74 | $ | (12.40) | |||||||||
Adjusted earnings per common share - diluted ¹ | 1.06 | 0.10 | 2.74 | 1.39 | |||||||||||||
Performance Ratios: | |||||||||||||||||
Net interest margin (FTE) ¹ ² | 3.23 | % | 3.57 | % | 3.46 | % | 3.61 | % | |||||||||
Adjusted net interest margin (FTE) ¹ ² | 3.13 | % | 3.47 | % | 3.35 | % | 3.55 | % | |||||||||
Return on average total assets ² | 1.81 | % | 0.17 | % | 1.59 | % | (7.22) | % | |||||||||
Return on average common equity ² | 21.2 | % | 1.9 | % | 18.7 | % | (55.6) | % | |||||||||
Return on average tangible common equity ¹ ² | 21.4 | % | 2.0 | % | 18.9 | % | 2.5 | % | |||||||||
Efficiency ratio ¹ | 50.9 | % | 69.4 | % | 48.5 | % | 58.7 | % | |||||||||
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. | |||||||||||||||||
3 Prior to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020, this line represented the provision for loan and lease losses under the incurred model. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Net interest income: | |||||||||||||||||
Total interest income (FTE) | $ | 104,219 | $ | 121,472 | $ | 331,988 | $ | 381,289 | |||||||||
Less: Total interest expense | 5,161 | 13,620 | 18,977 | 63,244 | |||||||||||||
Net interest income (FTE) | $ | 99,058 | $ | 107,852 | $ | 313,011 | $ | 318,045 | |||||||||
Net interest margin (FTE) and adjusted net interest margin (FTE) ¹ | |||||||||||||||||
Average interest-earning assets | $ | 12,299,046 | $ | 12,156,505 | $ | 12,112,699 | $ | 11,763,523 | |||||||||
Average interest-bearing liabilities | 11,864,829 | 11,493,387 | 11,622,695 | 11,049,204 | |||||||||||||
Net interest margin (FTE) | 3.23 | % | 3.57 | % | 3.46 | % | 3.61 | % | |||||||||
Adjusted net interest margin (FTE) ¹ | 3.13 | % | 3.47 | % | 3.35 | % | 3.55 | % | |||||||||
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. |
Three Months Ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||
Average Balance | Interest (FTE) | Yield / Cost ¹ | Average Balance | Interest (FTE) | Yield / Cost ¹ | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Interest-bearing bank deposits ² | $ | 1,357,821 | $ | 306 | 0.09 | % | $ | 144,805 | $ | 112 | 0.31 | % | |||||||||||
Other interest-earning assets | 121,981 | 348 | 1.14 | % | — | — | — | % | |||||||||||||||
Investment securities | 2,318,325 | 8,642 | 1.50 | % | 1,987,648 | 10,532 | 2.13 | % | |||||||||||||||
Non-ASC 310-30 loans, net ³ | 8,500,919 | 94,923 | 4.48 | % | 9,974,802 | 109,326 | 4.41 | % | |||||||||||||||
ASC 310-30 loans, net ⁴ | — | — | — | % | 49,250 | 1,502 | 12.27 | % | |||||||||||||||
Loans, net | 8,500,919 | 94,923 | 4.48 | % | 10,024,052 | 110,828 | 4.45 | % | |||||||||||||||
Total interest-earning assets | 12,299,046 | 104,219 | 3.40 | % | 12,156,505 | 121,472 | 4.02 | % | |||||||||||||||
Noninterest-earning assets | 743,109 | 598,159 | |||||||||||||||||||||
Total assets | $ | 13,042,155 | $ | 104,219 | 3.21 | % | $ | 12,754,664 | $ | 121,472 | 3.83 | % | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | 2,863,176 | $ | 2,414,567 | |||||||||||||||||||
Interest-bearing deposits | 7,834,032 | $ | 2,618 | 0.13 | % | 6,974,915 | $ | 5,604 | 0.32 | % | |||||||||||||
Time deposits | 863,923 | 887 | 0.41 | % | 1,430,246 | 4,407 | 1.24 | % | |||||||||||||||
Total deposits | 11,561,131 | 3,505 | 0.12 | % | 10,819,728 | 10,011 | 0.37 | % | |||||||||||||||
Securities sold under agreements to repurchase | 74,785 | 14 | 0.08 | % | 64,645 | 15 | 0.09 | % | |||||||||||||||
FHLB advances and other borrowings | 120,000 | 853 | 2.85 | % | 500,248 | 2,524 | 2.03 | % | |||||||||||||||
Subordinated debentures and subordinated notes payable | 108,913 | 789 | 2.91 | % | 108,766 | 1,070 | 3.96 | % | |||||||||||||||
Total borrowings | 303,698 | 1,656 | 2.19 | % | 673,659 | 3,609 | 2.15 | % | |||||||||||||||
Total interest-bearing liabilities | 11,864,829 | $ | 5,161 | 0.17 | % | 11,493,387 | $ | 13,620 | 0.48 | % | |||||||||||||
Noninterest-bearing liabilities | 63,535 | 97,553 | |||||||||||||||||||||
Stockholders' equity | 1,113,791 | 1,163,724 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 13,042,155 | $ | 12,754,664 | |||||||||||||||||||
Net interest spread | 3.04 | % | 3.35 | % | |||||||||||||||||||
Net interest income and net interest margin (FTE) | $ | 99,058 | 3.23 | % | $ | 107,852 | 3.57 | % | |||||||||||||||
Less: Tax equivalent adjustment | 1,595 | 1,601 | |||||||||||||||||||||
Net interest income and net interest margin - ties to Statements of Comprehensive Income | $ | 97,463 | 3.18 | % | $ | 106,251 | 3.52 | % | |||||||||||||||
¹ Annualized for all partial-year periods. | |||||||||||||||||||||||
2 Interest income includes $0.1 million for the third quarter of fiscal year 2020 resulting from interest earned on derivative collateral included in other assets on the consolidated balance sheets. For the third quarter of fiscal year 2021, all amounts were included in other interesting-earning assets. | |||||||||||||||||||||||
3 Interest income includes $0.0 million and $0.2 million for the third quarter of fiscal years 2021 and 2020, respectively, resulting from accretion of purchase accounting discount associated with acquired loans. | |||||||||||||||||||||||
4 Beginning in the first quarter of fiscal year 2021, ASC 310-30 loans began being reported with non-ASC 310-30 loans. Upon adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, discounts on ASC 310-30 loans related to noncredit factors accreted to interest income were immaterial. |
Nine Months Ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||
Average Balance | Interest (FTE) | Yield / Cost ¹ | Average Balance | Interest (FTE) | Yield / Cost ¹ | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Interest-bearing bank deposits ² | $ | 889,362 | $ | 622 | 0.09 | % | $ | 78,164 | $ | 1,278 | 2.18 | % | |||||||||||
Other interest-earning assets | 71,085 | 592 | 1.11 | % | — | — | — | % | |||||||||||||||
Investment securities | 2,123,979 | 25,079 | 1.58 | % | 1,959,681 | 33,359 | 2.27 | % | |||||||||||||||
Non-ASC 310-30 loans, net ³ | 9,028,273 | 305,695 | 4.53 | % | 9,675,039 | 342,042 | 4.72 | % | |||||||||||||||
ASC 310-30 loans, net ⁴ | — | — | — | % | 50,639 | 4,610 | 12.16 | % | |||||||||||||||
Loans, net | 9,028,273 | 305,695 | 4.53 | % | 9,725,678 | 346,652 | 4.76 | % | |||||||||||||||
Total interest-earning assets | 12,112,699 | 331,988 | 3.66 | % | 11,763,523 | 381,289 | 4.33 | % | |||||||||||||||
Noninterest-earning assets | 653,353 | 1,046,576 | |||||||||||||||||||||
Total assets | $ | 12,766,052 | $ | 331,988 | 3.48 | % | $ | 12,810,099 | $ | 381,289 | 3.98 | % | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | 2,746,884 | $ | 2,111,445 | |||||||||||||||||||
Interest-bearing deposits | 7,554,204 | $ | 9,780 | 0.17 | % | 6,585,100 | $ | 31,060 | 0.63 | % | |||||||||||||
Time deposits | 1,018,492 | 4,196 | 0.55 | % | 1,655,059 | 19,758 | 1.59 | % | |||||||||||||||
Total deposits | 11,319,580 | 13,976 | 0.17 | % | 10,351,604 | 50,818 | 0.66 | % | |||||||||||||||
Securities sold under agreements to repurchase | 74,235 | 45 | 0.08 | % | 62,513 | 70 | 0.15 | % | |||||||||||||||
FHLB advances and other borrowings | 120,000 | 2,558 | 2.85 | % | 526,372 | 8,737 | 2.22 | % | |||||||||||||||
Subordinated debentures and subordinated notes payable | 108,880 | 2,398 | 2.94 | % | 108,715 | 3,619 | 4.45 | % | |||||||||||||||
Total borrowings | 303,115 | 5,001 | 2.21 | % | 697,600 | 12,426 | 2.38 | % | |||||||||||||||
Total interest-bearing liabilities | 11,622,695 | $ | 18,977 | 0.22 | % | 11,049,204 | $ | 63,244 | 0.76 | % | |||||||||||||
Noninterest-bearing liabilities | 61,605 | 97,475 | |||||||||||||||||||||
Stockholders' equity | 1,081,752 | 1,663,420 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 12,766,052 | $ | 12,810,099 | |||||||||||||||||||
Net interest spread | 3.26 | % | 3.22 | % | |||||||||||||||||||
Net interest income and net interest margin (FTE) | $ | 313,011 | 3.46 | % | $ | 318,045 | 3.61 | % | |||||||||||||||
Less: Tax equivalent adjustment | 4,770 | 4,638 | |||||||||||||||||||||
Net interest income and net interest margin - ties to Statements of Comprehensive Income | $ | 308,241 | 3.40 | % | $ | 313,407 | 3.56 | % | |||||||||||||||
¹ Annualized for all partial-year periods. | |||||||||||||||||||||||
2 Interest income includes $0.8 million for the first nine months of fiscal year 2020 resulting from interest earned on derivative collateral included in other assets on the consolidated balance sheets. For the first nine months of fiscal year 2021, all amounts were included in other interest-earning assets. | |||||||||||||||||||||||
3 Interest income includes $0.0 million and $1.2 million for the first nine months of fiscal years 2021 and 2020, respectively, resulting from accretion of purchase accounting discount associated with acquired loans. | |||||||||||||||||||||||
4 Beginning in the first quarter of fiscal year 2021, ASC 310-30 loans began being reported with non-ASC 310-30 loans. Upon adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, discounts on ASC 310-30 loans related to noncredit factors accreted to interest income were immaterial. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Interest income: | |||||||||||||||||
Loans (FTE) | $ | 94,923 | $ | 110,828 | $ | 305,695 | $ | 346,652 | |||||||||
Investment securities | 8,642 | 10,532 | 25,079 | 33,359 | |||||||||||||
Federal funds sold and other | 654 | 112 | 1,214 | 1,278 | |||||||||||||
Total interest income (FTE) | 104,219 | 121,472 | 331,988 | 381,289 | |||||||||||||
Less: Tax equivalent adjustment | 1,595 | 1,601 | 4,770 | 4,638 | |||||||||||||
Total interest income (GAAP) | $ | 102,624 | $ | 119,871 | $ | 327,218 | $ | 376,651 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Interest expense | |||||||||||||||||
Deposits | $ | 3,505 | $ | 10,011 | $ | 13,976 | $ | 50,818 | |||||||||
FHLB advances and other borrowings | 867 | 2,539 | 2,603 | 8,807 | |||||||||||||
Subordinated debentures and subordinated notes payable | 789 | 1,070 | 2,398 | 3,619 | |||||||||||||
Total interest expense | $ | 5,161 | $ | 13,620 | $ | 18,977 | $ | 63,244 |
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 | $ | 273 | $ | — | $ | 273 | $ | 820 | $ | (573) | $ | 247 | |||||||||||
Other interest earning assets | 250 | 19 | 269 | 563 | (874) | (311) | |||||||||||||||||
Investment securities | 1,734 | (3,624) | (1,890) | 3,151 | (11,431) | (8,280) | |||||||||||||||||
Loans | (16,998) | 1,093 | (15,905) | (24,835) | (16,122) | (40,957) | |||||||||||||||||
Total decrease | (14,741) | (2,512) | (17,253) | (20,301) | (29,000) | (49,301) | |||||||||||||||||
Increase (decrease) in interest expense: | |||||||||||||||||||||||
Interest-bearing deposits | 620 | (3,606) | (2,986) | 4,006 | (25,286) | (21,280) | |||||||||||||||||
Time deposits | (1,311) | (2,209) | (3,520) | (5,765) | (9,797) | (15,562) | |||||||||||||||||
Securities sold under agreements to repurchase | 2 | (3) | (1) | 11 | (36) | (25) | |||||||||||||||||
FHLB advances and other borrowings | (2,427) | 756 | (1,671) | (8,169) | 1,990 | (6,179) | |||||||||||||||||
Subordinated debentures and subordinated notes payable | 1 | (282) | (281) | 5 | (1,226) | (1,221) | |||||||||||||||||
Total decrease | (3,115) | (5,344) | (8,459) | (9,912) | (34,355) | (44,267) | |||||||||||||||||
(Decrease) increase in net interest income (FTE) | $ | (11,626) | $ | 2,832 | $ | (8,794) | $ | (10,389) | $ | 5,355 | $ | (5,034) |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
(Reversal of) provision for credit losses, non-ASC 310-30 loans ¹ | $ | (20,444) | $ | 21,601 | $ | (13,468) | $ | 101,351 | |||||||||
Decrease in provision for unfunded commitments reserve ² | (255) | — | (332) | — | |||||||||||||
Impairment in loan and lease losses, ASC 310-30 loans | — | 40 | — | 188 | |||||||||||||
(Reversal of) provision for credit losses, total | $ | (20,699) | $ | 21,641 | $ | (13,800) | $ | 101,539 | |||||||||
1 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. Upon adoption of CECL, ASC 310-30 loans and related activity began being reported with non-ASC 310-30 loans. | |||||||||||||||||
2 For the three and nine months ended June 30, 2020, provision for unfunded commitments reserve of $2.2 million and $2.9 million, respectively, was recorded in other noninterest expense in the consolidated income statement. |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
Item | Included within F/S Line Item(s): | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Reversal of) provision for credit losses ¹ | (Reversal of) provision for credit losses ¹ | $ | (20,699) | $ | 21,641 | $ | (13,800) | $ | 101,539 | |||||||||||
Increase in provision for unfunded commitments reserve ¹ | Other noninterest expense ¹ | — | 2,215 | — | 2,859 | |||||||||||||||
Net other repossessed property charges (income) | Net (gain) loss on repossessed property and other related expenses | (760) | 2,475 | (469) | 8,508 | |||||||||||||||
Net (recovery) reversal of interest income on nonaccrual loans | Interest income on loans | (2,514) | 1,070 | (6,134) | 4,164 | |||||||||||||||
Net realized credit loss on derivatives | Change in fair value of FVO loans and related derivatives | — | 1,709 | 210 | 1,709 | |||||||||||||||
Loan fair value adjustment related to credit | Change in fair value of FVO loans and related derivatives | (4,111) | 23,292 | (2,674) | 35,949 | |||||||||||||||
Total credit-related charges | $ | (28,084) | $ | 52,402 | $ | (22,867) | $ | 154,728 | ||||||||||||
1 Beginning in the first quarter of fiscal year 2021, increase in provision for unfunded commitments reserve is included in provision for credit losses. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Noninterest income | |||||||||||||||||
Service charges and other fees | $ | 9,005 | $ | 7,731 | $ | 27,228 | $ | 28,328 | |||||||||
Wealth management fees | 3,477 | 2,773 | 9,688 | 8,859 | |||||||||||||
Mortgage banking income, net | 2,157 | 2,422 | 9,937 | 5,179 | |||||||||||||
Net gain on sale of securities and other assets | — | — | 247 | — | |||||||||||||
Other | 2,209 | 1,190 | 5,141 | 3,490 | |||||||||||||
Subtotal, service and product fees | 16,848 | 14,116 | 52,241 | 45,856 | |||||||||||||
Derivative interest expense | (3,117) | (3,040) | (9,692) | (5,181) | |||||||||||||
Change in fair value of FVO loans and related derivatives | 4,110 | (25,001) | 2,480 | (37,658) | |||||||||||||
Other derivative income (loss) | 1,530 | 2,242 | 5,683 | 950 | |||||||||||||
Subtotal, changes in fair value for loans at fair value and derivatives | 2,523 | (25,799) | (1,529) | (41,889) | |||||||||||||
Total noninterest income (loss) | $ | 19,371 | $ | (11,683) | $ | 50,712 | $ | 3,967 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | $ | 40,239 | $ | 39,042 | $ | 116,918 | $ | 112,259 | |||||||||
Data processing and communication | 7,054 | 5,817 | 19,825 | 17,713 | |||||||||||||
Occupancy and equipment | 5,105 | 5,251 | 15,829 | 15,941 | |||||||||||||
Professional fees | 4,644 | 7,382 | 12,293 | 16,409 | |||||||||||||
Advertising | 602 | 750 | 1,635 | 2,573 | |||||||||||||
Net (gain) loss on repossessed property and other related expenses | (760) | 2,475 | (469) | 8,508 | |||||||||||||
Goodwill and intangible assets impairment | — | — | — | 742,352 | |||||||||||||
Other ¹ | 3,621 | 6,332 | 11,026 | 16,677 | |||||||||||||
Total noninterest expense | $ | 60,505 | $ | 67,049 | $ | 177,057 | $ | 932,432 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Return on average total assets | 1.81 | % | 0.17 | % | 1.59 | % | (7.22) | % | |||||||||
Return on average common equity | 21.2 | % | 1.9 | % | 18.7 | % | (55.6) | % | |||||||||
Return on average tangible common equity ¹ | 21.4 | % | 2.0 | % | 18.9 | % | 2.5 | % | |||||||||
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. |
As of June 30, 2021 | As of September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Balance Sheet and Other Information: | |||||||||||
Total assets | $ | 13,070,229 | $ | 12,604,439 | |||||||
Loans ¹ | 8,477,783 | 10,076,142 | |||||||||
Allowance for credit losses ⁴ | 270,298 | 149,887 | |||||||||
Deposits | 11,537,777 | 11,008,779 | |||||||||
Stockholders' equity | 1,161,069 | 1,162,933 | |||||||||
Tangible common equity ² | 1,155,679 | 1,156,769 | |||||||||
Tier 1 capital ratio | 14.5 | % | 11.8 | % | |||||||
Total capital ratio | 16.0 | % | 13.3 | % | |||||||
Tier 1 leverage ratio | 10.1 | % | 9.4 | % | |||||||
Common equity tier 1 ratio | 13.7 | % | 11.0 | % | |||||||
Tangible common equity / tangible assets ² | 8.8 | % | 9.2 | % | |||||||
Book value per share - GAAP | $ | 21.07 | $ | 21.14 | |||||||
Tangible book value per share ² | $ | 20.97 | $ | 21.03 | |||||||
Nonaccrual loans / total loans | 2.48 | % | 3.22 | % | |||||||
Net charge-offs (recoveries) / average total loans ³ | 0.62 | % | 0.40 | % | |||||||
Allowance for credit losses ⁴ / total loans | 3.19 | % | 1.49 | % | |||||||
1 Loans include unpaid principal balance net of unamortized discount on acquired loans and unearned net deferred fees and costs and net loans in process. | |||||||||||
2 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. | |||||||||||
3 Annualized for partial-year periods, except for September 30, 2020, which was for the twelve month period. | |||||||||||
4 Prior to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020, this line represented the allowance for loan and lease losses under the incurred loss model. |
June 30, 2021 | September 30, 2020 1 | ||||||||||
(dollars in thousands) | |||||||||||
Construction and development | $ | 433,293 | $ | 509,644 | |||||||
Owner-occupied CRE | 1,318,196 | 1,417,394 | |||||||||
Non-owner-occupied CRE | 2,244,335 | 2,894,380 | |||||||||
Multifamily residential real estate | 592,544 | 533,983 | |||||||||
Total commercial real estate | 4,588,368 | 5,355,401 | |||||||||
Agriculture | 1,438,499 | 1,722,696 | |||||||||
Commercial non-real estate | 1,710,938 | 2,165,038 | |||||||||
Residential real estate ³ | 631,688 | 730,812 | |||||||||
Consumer and other ² | 108,290 | 102,195 | |||||||||
Total loans | 8,477,783 | 10,076,142 | |||||||||
Allowance for credit losses | (270,298) | (149,887) | |||||||||
Loans, net | $ | 8,207,485 | $ | 9,926,255 | |||||||
1 As a part of the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, loan segments are presented based on amortized cost, which includes unpaid principal balance, unamortized discount on acquired loans, unearned net deferred fees and costs and loans in process. For additional information on September 30, 2020 loan segment balances, see Note 2. | |||||||||||
2 Other loans primarily include consumer and commercial credit cards, customer deposit account overdrafts, and loans in process. |
June 30, 2021 | |||||||||||||||||||||||||||||
South Dakota / Minnesota / North Dakota | Iowa / Missouri | Nebraska / Kansas | Arizona | Colorado | Specialized Assets ¹ | Corporate and Other ² | Total | % | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Construction and development | $ | 52,264 | $ | 44,178 | $ | 98,531 | $ | 115,716 | $ | 98,859 | $ | 26,287 | $ | (2,542) | $ | 433,293 | 5.1 | % | |||||||||||
Owner-occupied CRE | 306,240 | 362,051 | 217,033 | 166,697 | 252,582 | 9,011 | 4,582 | 1,318,196 | 15.5 | % | |||||||||||||||||||
Non-owner-occupied CRE | 470,935 | 582,122 | 335,692 | 264,938 | 383,148 | 204,878 | 2,622 | 2,244,335 | 26.5 | % | |||||||||||||||||||
Multifamily residential real estate | 219,026 | 123,748 | 215,386 | 6,513 | 28,264 | 1,014 | (1,407) | 592,544 | 7.0 | % | |||||||||||||||||||
Total commercial real estate | 1,048,465 | 1,112,099 | 866,642 | 553,864 | 762,853 | 241,190 | 3,255 | 4,588,368 | 54.1 | % | |||||||||||||||||||
Agriculture | 360,568 | 232,460 | 93,416 | 591,526 | 115,919 | 28,846 | 15,764 | 1,438,499 | 17.0 | % | |||||||||||||||||||
Commercial non-real estate | 238,326 | 527,132 | 421,182 | 104,242 | 116,599 | 29,949 | 273,508 | 1,710,938 | 20.2 | % | |||||||||||||||||||
Residential real estate ³ | 196,733 | 171,314 | 141,513 | 50,616 | 59,541 | 13,396 | (1,425) | 631,688 | 7.4 | % | |||||||||||||||||||
Consumer and other | 12,101 | 27,524 | 26,292 | 542 | 1,575 | 6 | 40,250 | 108,290 | 1.3 | % | |||||||||||||||||||
Total | $ | 1,856,193 | $ | 2,070,529 | $ | 1,549,045 | $ | 1,300,790 | $ | 1,056,487 | $ | 313,387 | $ | 331,352 | $ | 8,477,783 | 100.0 | % | |||||||||||
% by location | 21.9 | % | 24.4 | % | 18.3 | % | 15.3 | % | 12.5 | % | 3.7 | % | 3.9 | % | 100.0 | % | |||||||||||||
1 Balances in this column represent workout loans and certain other loans the Company placed with a central team for enhanced monitoring and potential exit. | |||||||||||||||||||||||||||||
2 Balances in this column represent commercial and consumer credit card loans, certain other loans managed by our staff, and 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, 2021 | |||||
(dollars in thousands) | |||||
Construction and development | $ | 433,293 | |||
Owner-occupied CRE | 1,318,196 | ||||
Non-owner-occupied CRE | 2,244,335 | ||||
Multifamily residential real estate | 592,544 | ||||
Total commercial real estate | 4,588,368 | ||||
Agriculture real estate | 680,975 | ||||
Agriculture operating loans | 757,524 | ||||
Total agriculture | 1,438,499 | ||||
Commercial non-real estate | 1,710,938 | ||||
Home equity lines of credit | 104,516 | ||||
Closed end first lien | 502,193 | ||||
Closed end junior lien | 24,979 | ||||
Total residential real estate | 631,688 | ||||
Consumer and other | 108,290 | ||||
Total | $ | 8,477,783 |
June 30, 2021 | |||||||||||||||||||||||
1 Year or Less | >1 Through 5 Years | >5 Years | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Maturity distribution: | |||||||||||||||||||||||
Construction and development | $ | 180,706 | $ | 204,599 | $ | 47,988 | $ | 433,293 | |||||||||||||||
Owner-occupied CRE | 78,438 | 505,523 | 734,235 | 1,318,196 | |||||||||||||||||||
Non-owner-occupied CRE | 190,434 | 938,342 | 1,115,559 | 2,244,335 | |||||||||||||||||||
Multifamily residential real estate | 116,272 | 234,066 | 242,206 | 592,544 | |||||||||||||||||||
Total commercial real estate | 565,850 | 1,882,530 | 2,139,988 | 4,588,368 | |||||||||||||||||||
Agriculture | 682,936 | 438,573 | 316,990 | 1,438,499 | |||||||||||||||||||
Commercial non-real estate | 635,245 | 711,607 | 364,086 | 1,710,938 | |||||||||||||||||||
Residential real estate | 40,435 | 130,295 | 460,958 | 631,688 | |||||||||||||||||||
Consumer and other | 7,292 | 74,690 | 26,308 | 108,290 | |||||||||||||||||||
Total | $ | 1,931,758 | $ | 3,237,695 | $ | 3,308,330 | $ | 8,477,783 |
June 30, 2021 | |||||||||||||||||
Fixed | Variable | Total | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Maturity distribution: | |||||||||||||||||
Construction and development | $ | 52,425 | $ | 200,162 | $ | 252,587 | |||||||||||
Owner-occupied CRE | 739,814 | 499,944 | 1,239,758 | ||||||||||||||
Non-owner-occupied CRE | 909,655 | 1,144,246 | 2,053,901 | ||||||||||||||
Multifamily residential real estate | 218,879 | 257,393 | 476,272 | ||||||||||||||
Total commercial real estate | 1,920,773 | 2,101,745 | 4,022,518 | ||||||||||||||
Agriculture | 569,769 | 185,794 | 755,563 | ||||||||||||||
Commercial non-real estate | 715,092 | 360,601 | 1,075,693 | ||||||||||||||
Residential real estate | 308,056 | 283,197 | 591,253 | ||||||||||||||
Consumer and other | 42,139 | 58,859 | 100,998 | ||||||||||||||
Total | $ | 3,555,829 | $ | 2,990,196 | $ | 6,546,025 |
Three Months Ended June 30, 2021 | Nine Months Ended June 30, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Balance, beginning of period | $ | 17,529 | $ | 20,034 | |||||||
Additions to other repossessed property | 3,151 | 4,029 | |||||||||
Valuation adjustments and other | (241) | (714) | |||||||||
Sales | (8,941) | (11,851) | |||||||||
Balance, end of period | $ | 11,498 | $ | 11,498 |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Nonaccrual loans ¹ | |||||||||||
Construction and development | $ | 22 | n/a ³ | ||||||||
Owner-occupied CRE | 13,925 | n/a ³ | |||||||||
Non-owner-occupied CRE | 6,972 | n/a ³ | |||||||||
Multifamily residential real estate | 6,883 | n/a ³ | |||||||||
Total commercial real estate | 27,802 | $ | 73,501 | ||||||||
Agriculture | 136,958 | 217,642 | |||||||||
Commercial non-real estate | 38,842 | 26,918 | |||||||||
Residential real estate | 6,450 | 6,811 | |||||||||
Consumer and other | 31 | 74 | |||||||||
Total nonaccrual loans | 210,083 | 324,946 | |||||||||
Other repossessed property | 11,498 | 20,034 | |||||||||
Total nonperforming assets | 221,581 | 344,980 | |||||||||
Performing TDRs | 40,872 | 35,205 | |||||||||
Total nonperforming and restructured assets | $ | 262,453 | $ | 380,185 | |||||||
Accruing loans 90 days or more past due | $ | 10 | $ | — | |||||||
Nonperforming TDRs included in total nonaccrual loans | 36,312 | 62,792 | |||||||||
Percent of total assets | |||||||||||
Total nonaccrual loans | 1.61 | % | 2.58 | % | |||||||
Other repossessed property | 0.09 | % | 0.16 | % | |||||||
Nonperforming assets ² | 1.70 | % | 2.74 | % | |||||||
Nonperforming and restructured assets ² | 2.01 | % | 3.02 | % | |||||||
1 Includes nonperforming restructured loans. | |||||||||||
2 Includes nonaccrual loans, which includes nonperforming restructured loans. | |||||||||||
3 Balance for this segment is included in total commercial real estate for September 30, 2020. |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Performing TDRs | Nonperforming TDRs | Total | Performing TDRs | Nonperforming TDRs | Total | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Construction and development | $ | — | $ | 22 | $ | 22 | n/a ¹ | n/a ¹ | n/a ¹ | ||||||||||||||
Owner-occupied CRE | 3,346 | 4,166 | 7,512 | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||
Non-owner-occupied CRE | 11,756 | 10 | 11,766 | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||
Multifamily residential real estate | — | — | — | n/a ¹ | n/a ¹ | n/a ¹ | |||||||||||||||||
Total commercial real estate | 15,102 | 4,198 | 19,300 | $ | 23,215 | $ | 11,913 | $ | 35,128 | ||||||||||||||
Agriculture | 20,908 | 9,275 | 30,183 | 2,976 | 45,971 | 48,947 | |||||||||||||||||
Commercial non-real estate | 4,626 | 22,769 | 27,395 | 8,734 | 4,803 | 13,537 | |||||||||||||||||
Residential real estate | 236 | 52 | 288 | 277 | 74 | 351 | |||||||||||||||||
Consumer and other | — | 18 | 18 | 3 | 31 | 34 | |||||||||||||||||
Total | $ | 40,872 | $ | 36,312 | $ | 77,184 | $ | 35,205 | $ | 62,792 | $ | 97,997 | |||||||||||
1 Balance for this segment is included in total commercial real estate for September 30, 2020. |
At and for the Nine Months Ended June 30, 2021 | At and for the Fiscal Year Ended September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Allowance for credit losses on loans: | |||||||||||
Balance, beginning of period | $ | 149,887 | $ | 70,774 | |||||||
Adoption of ASU 2016-13, as amended | 177,289 | — | |||||||||
Provision for credit losses ³ | (13,468) | 118,204 | |||||||||
(Improvement) impairment of ASC 310-30 loans | — | 188 | |||||||||
Charge-offs: | |||||||||||
Construction and development | (27) | n/a ⁴ | |||||||||
Owner-occupied CRE | (483) | n/a ⁴ | |||||||||
Non-owner-occupied CRE | (36,951) | n/a ⁴ | |||||||||
Multifamily residential real estate | (377) | n/a ⁴ | |||||||||
Total commercial real estate | (37,838) | (5,181) | |||||||||
Agriculture | (5,042) | (21,705) | |||||||||
Commercial non-real estate | (4,750) | (14,178) | |||||||||
Residential real estate | (300) | (615) | |||||||||
Consumer and other | (619) | (3,071) | |||||||||
Total charge-offs | (48,549) | (44,750) | |||||||||
Recoveries: | |||||||||||
Construction and development | 377 | n/a ⁴ | |||||||||
Owner-occupied CRE | 98 | n/a ⁴ | |||||||||
Non-owner-occupied CRE | 455 | n/a ⁴ | |||||||||
Multifamily residential real estate | — | n/a ⁴ | |||||||||
Total commercial real estate | 930 | 1,395 | |||||||||
Agriculture | 2,673 | 2,189 | |||||||||
Commercial non-real estate | 860 | 1,018 | |||||||||
Residential real estate | 248 | 453 | |||||||||
Consumer and other | 428 | 416 | |||||||||
Total recoveries | 5,139 | 5,471 | |||||||||
Net loan charge-offs | (43,410) | (39,279) | |||||||||
Balance, end of period | $ | 270,298 | $ | 149,887 | |||||||
Average total loans for the period ¹ | $ | 9,320,370 | $ | 9,908,495 | |||||||
Total loans at period end ¹ | 8,477,783 | 10,076,142 | |||||||||
Ratios | |||||||||||
Net charge-offs to average total loans ² | 0.62 | % | 0.40 | % | |||||||
Allowance for credit losses on loans to: | |||||||||||
Total loans | 3.19 | % | 1.49 | % | |||||||
Nonaccruing loans | 128.66 | % | 46.13 | % | |||||||
1 Loans are shown at amortized cost. | |||||||||||
2 Annualized for partial-year periods. | |||||||||||
3 For June 30, 2021, (reversal of) provision for credit losses in the consolidated statements of income includes $(0.3) million of (reversal of) provision for unfunded commitments reserve. | |||||||||||
4 Balance for this segment is included in total commercial real estate for September 30, 2020. |
June 30, 2021 | Adjusted balance September 30, 2020 ¹ | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Allocation of allowance for credit losses on loans: | |||||||||||||||||
Construction and development | $ | 16,180 | 6.0 | % | $ | 7,012 | 4.7 | % | |||||||||
Owner-occupied CRE | 20,432 | 7.5 | % | $ | 20,530 | 13.7 | % | ||||||||||
Non-owner-occupied CRE | 125,956 | 46.6 | % | $ | 50,965 | 34.0 | % | ||||||||||
Multifamily residential real estate | 6,161 | 2.3 | % | $ | 6,726 | 4.5 | % | ||||||||||
Total commercial real estate | 168,729 | 62.4 | % | $ | 85,233 | 56.9 | % | ||||||||||
Agriculture | 40,657 | 15.0 | % | 27,018 | 18.0 | % | |||||||||||
Commercial non-real estate | 51,024 | 18.9 | % | 27,599 | 18.4 | % | |||||||||||
Residential real estate | 8,038 | 3.0 | % | 7,465 | 5.0 | % | |||||||||||
Consumer and other | 1,850 | 0.7 | % | 2,572 | 1.7 | % | |||||||||||
Total | $ | 270,298 | 100.0 | % | $ | 149,887 | 100.0 | % | |||||||||
1 At September 30, 2020, the allowance balances were reclassified to align with the eight loan portfolio pools established for adoption of CECL. For additional information, see Note 2. |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Securities available for sale | |||||||||||
U.S. Treasury securities | $ | 99,047 | $ | 49,924 | |||||||
U.S. Agency securities | 24,976 | 24,974 | |||||||||
Mortgage-backed securities: | |||||||||||
Government National Mortgage Association | 312,811 | 485,689 | |||||||||
Federal Home Loan Mortgage Corporation | 977,156 | 578,650 | |||||||||
Federal National Mortgage Association | 439,752 | 287,842 | |||||||||
Small Business Assistance Program | 232,089 | 244,653 | |||||||||
States and political subdivision securities | 47,287 | 54,224 | |||||||||
Corporate debt securities | 28,000 | — | |||||||||
Other | 1,006 | 1,006 | |||||||||
Total | $ | 2,162,124 | $ | 1,726,962 | |||||||
Securities held to maturity | |||||||||||
U.S. Treasury securities | $ | 13,666 | $ | — | |||||||
Mortgage-backed securities: | |||||||||||
Government National Mortgage Association | 45,964 | — | |||||||||
Federal Home Loan Mortgage Corporation | 53,616 | — | |||||||||
Federal National Mortgage Association | 46,408 | — | |||||||||
Small Business Assistance Program | 39,341 | — | |||||||||
States and political subdivision securities | 3,450 | — | |||||||||
Total | $ | 202,445 | $ | — |
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 49,362 | 0.78 | % | $ | 49,685 | 1.22 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 99,047 | 1.00 | % | ||||||||||||||||
U.S. Agency securities | — | — | % | 24,976 | 1.13 | % | — | — | % | — | — | % | — | — | % | — | — | % | 24,976 | 1.13 | % | |||||||||||||||||||||||
Mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 1,961,808 | 1.54 | % | — | — | % | 1,961,808 | 1.54 | % | |||||||||||||||||||||||
States and political subdivision securities ¹ ² | 18,198 | 1.72 | % | 20,754 | 1.82 | % | 8,335 | 1.99 | % | — | — | % | — | — | % | — | — | % | 47,287 | 1.81 | % | |||||||||||||||||||||||
Corporate debt securities | — | — | % | 28,000 | 3.20 | % | — | — | % | — | — | % | — | — | % | — | — | % | 28,000 | 3.20 | % | |||||||||||||||||||||||
Other | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | 1,006 | — | % | 1,006 | — | % | |||||||||||||||||||||||
Total | $ | 18,198 | 1.72 | % | $ | 123,092 | 0.85 | % | $ | 58,020 | 1.33 | % | $ | — | — | % | $ | 1,961,808 | 1.54 | % | $ | 1,006 | — | % | $ | 2,162,124 | 1.54 | % | ||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | — | — | % | $ | 13,666 | 1.38 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 13,666 | 1.38 | % | ||||||||||||||||
Mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 185,329 | 1.23 | % | — | — | % | 185,329 | 1.23 | % | |||||||||||||||||||||||
States and political subdivision securities ¹ ² | 150 | 3.00 | % | 500 | 2.00 | % | 2,800 | 1.78 | % | — | — | % | — | — | % | — | — | % | 3,450 | 1.86 | % | |||||||||||||||||||||||
Total | $ | 150 | 3.00 | % | $ | 500 | 2.00 | % | $ | 16,466 | 1.45 | % | $ | — | — | % | $ | 185,329 | 1.23 | % | $ | — | — | % | $ | 202,445 | 1.25 | % | ||||||||||||||||
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, 2021 | September 30, 2020 | ||||||||||||||||
Amount | Weighted Avg. Cost | Amount | Weighted Avg. Cost | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Noninterest-bearing demand | $ | 2,958,488 | — | % | $ | 2,586,743 | — | % | |||||||||
Interest-bearing demand | 7,782,104 | 0.13 | % | 7,139,058 | 0.26 | % | |||||||||||
Time deposits, greater than $250,000 | 183,820 | 0.70 | % | 352,913 | 1.12 | % | |||||||||||
Time deposits, less than or equal to $250,000 | 613,365 | 0.32 | % | 930,065 | 0.75 | % | |||||||||||
Total | $ | 11,537,777 | 0.12 | % | $ | 11,008,779 | 0.27 | % |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
South Dakota / Minnesota / North Dakota | $ | 2,978,809 | $ | 2,870,119 | |||||||
Iowa / Missouri | 3,446,128 | 3,184,321 | |||||||||
Nebraska / Kansas | 3,009,231 | 2,833,921 | |||||||||
Arizona | 652,397 | 590,567 | |||||||||
Colorado | 1,380,128 | 1,300,351 | |||||||||
Specialized Assets | 19,770 | — | |||||||||
Other | 51,314 | 229,500 | |||||||||
Total deposits | $ | 11,537,777 | $ | 11,008,779 |
June 30, 2021 | |||||||||||
Greater than $250,000 | Less than or equal to $250,000 | ||||||||||
(dollars in thousands) | |||||||||||
Remaining maturity: | |||||||||||
Three months or less | $ | 51,972 | $ | 157,487 | |||||||
Over three through six months | 44,936 | 143,720 | |||||||||
Over six through twelve months | 59,025 | 186,230 | |||||||||
Over twelve months | 27,887 | 125,928 | |||||||||
Total | $ | 183,820 | $ | 613,365 | |||||||
Percent of total deposits | 1.6 | % | 5.3 | % |
At and for the Nine Months Ended June 30, 2021 | At and for the Fiscal Year Ended September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Short-term borrowings: | |||||||||||
Securities sold under agreements to repurchase | $ | 80,167 | $ | 65,506 | |||||||
Other short-term borrowings | — | 75,000 | |||||||||
Total short-term borrowings | $ | 80,167 | $ | 140,506 | |||||||
Maximum amount outstanding at any month-end during the period | $ | 80,355 | $ | 539,809 | |||||||
Average amount outstanding during the period | 74,235 | 218,340 | |||||||||
Weighted average rate for the period | 0.08 | % | 0.75 | % | |||||||
Weighted average rate as of date indicated | 0.08 | % | 0.09 | % |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Less Than 1 Year | 1 to 2 Years | 2 to 5 Years | >5 Years | Not Determined | Total | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Contractual Obligations: | |||||||||||||||||||||||||||||||||||
Customer deposits | $ | 613,294 | $ | 100,233 | $ | 52,059 | $ | 1,523 | $ | 10,770,668 | $ | 11,537,777 | |||||||||||||||||||||||
Securities sold under agreement to repurchase | 80,167 | — | — | — | — | 80,167 | |||||||||||||||||||||||||||||
FHLB advances and other borrowings | — | 30,000 | 90,000 | — | — | 120,000 | |||||||||||||||||||||||||||||
Subordinated debentures | — | — | — | 75,920 | — | 75,920 | |||||||||||||||||||||||||||||
Subordinated notes payable | — | — | 35,000 | — | — | 35,000 | |||||||||||||||||||||||||||||
Accrued interest payable | 1,773 | — | — | — | — | 1,773 | |||||||||||||||||||||||||||||
Interest on FHLB advances | 3,372 | 2,742 | 1,839 | — | — | 7,953 | |||||||||||||||||||||||||||||
Interest on subordinated debentures | 1,787 | 1,787 | 5,361 | 14,776 | — | 23,711 | |||||||||||||||||||||||||||||
Interest on subordinated notes payable | 1,157 | 1,157 | 2,459 | — | — | 4,773 | |||||||||||||||||||||||||||||
Other Commitments: | |||||||||||||||||||||||||||||||||||
Commitments to extend credit—non-credit card | $ | 1,406,527 | $ | 225,981 | $ | 253,783 | $ | 216,852 | $ | — | $ | 2,103,143 | |||||||||||||||||||||||
Commitments to extend credit—credit card | 128,174 | — | — | — | — | 128,174 | |||||||||||||||||||||||||||||
Letters of credit | 52,870 | — | — | — | — | 52,870 |
June 30, 2021 | September 30, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Commitments to extend credit | $ | 2,231,317 | $ | 2,138,138 | |||||||
Letters of credit | 52,870 | 65,707 | |||||||||
Total | $ | 2,284,187 | $ | 2,203,845 |
June 30, 2021 | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Capital Amount | Ratio | Minimum Capital Requirement Ratio ¹ | Well Capitalized Ratio | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Great Western Bancorp, Inc. | ||||||||||||||||||||
Tier 1 capital | $ | 1,334,600 | 14.5 | % | 6.0 | % | N/A | |||||||||||||
Total capital | 1,473,415 | 16.0 | % | 8.0 | % | N/A | ||||||||||||||
Tier 1 leverage | 1,334,600 | 10.1 | % | 4.0 | % | N/A | ||||||||||||||
Common equity Tier 1 ² | 1,260,666 | 13.7 | % | 4.5 | % | N/A | ||||||||||||||
Risk-weighted assets | 9,230,762 | |||||||||||||||||||
Great Western Bank | ||||||||||||||||||||
Tier 1 capital | $ | 1,332,490 | 14.4 | % | 6.0 | % | 8.0 | % | ||||||||||||
Total capital | 1,443,306 | 15.6 | % | 8.0 | % | 10.0 | % | |||||||||||||
Tier 1 leverage | 1,332,490 | 10.1 | % | 4.0 | % | 5.0 | % | |||||||||||||
Common equity Tier 1 ² | 1,332,490 | 14.4 | % | 4.5 | % | 6.5 | % | |||||||||||||
Risk-weighted assets | 9,228,725 | |||||||||||||||||||
1 Does not include capital conservation buffer, which was 2.5% at June 30, 2021. |
At or for the nine months ended: | At or for the three months ended: | |||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||
(Dollars in thousands except share and per share amounts) | ||||||||||||||||||||||||||
Adjusted net income and adjusted earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) - GAAP | $ | 151,367 | $ | (691,944) | $ | 58,749 | $ | 51,299 | $ | 41,319 | $ | 11,136 | $ | 5,400 | ||||||||||||
Add: COVID-19 related impairment of goodwill and certain intangible assets, net of tax | — | 713,013 | — | — | — | — | — | |||||||||||||||||||
Add: COVID-19 impact on credit and other related charges, net of tax | — | 56,685 | — | — | — | — | — | |||||||||||||||||||
Adjusted net income | $ | 151,367 | $ | 77,754 | $ | 58,749 | $ | 51,299 | $ | 41,319 | $ | 11,136 | $ | 5,400 | ||||||||||||
Weighted average diluted common shares outstanding | 55,409,573 | 55,788,751 | 55,524,979 | 55,456,399 | 55,247,343 | 55,164,548 | 55,145,619 | |||||||||||||||||||
Earnings per common share - diluted | $ | 2.74 | $ | (12.40) | $ | 1.06 | $ | 0.93 | $ | 0.75 | $ | 0.20 | $ | 0.10 | ||||||||||||
Adjusted earnings per common share - diluted | $ | 2.74 | $ | 1.39 | $ | 1.06 | $ | 0.93 | $ | 0.75 | $ | 0.20 | $ | 0.10 | ||||||||||||
Pre-tax pre-provision income ("PTPP"): | ||||||||||||||||||||||||||
Income (loss) before income taxes - GAAP | $ | 195,696 | $ | (716,597) | $ | 77,028 | $ | 65,960 | $ | 52,708 | $ | 10,279 | $ | 5,878 | ||||||||||||
Add: Provision for credit losses - GAAP | (13,800) | 101,539 | (20,699) | (5,000) | 11,899 | 16,853 | 21,641 | |||||||||||||||||||
Add: Change in fair value of FVO loans and related derivatives - GAAP | (2,480) | 37,658 | (4,110) | (42) | 1,672 | 24,648 | 25,001 | |||||||||||||||||||
Add: Goodwill impairment - GAAP | — | 742,352 | — | — | — | — | — | |||||||||||||||||||
Pre-tax pre-provision income | $ | 179,416 | $ | 164,952 | $ | 52,219 | $ | 60,918 | $ | 66,279 | $ | 51,780 | $ | 52,520 | ||||||||||||
Tangible net income and return on average tangible common equity: | ||||||||||||||||||||||||||
Net income (loss) - GAAP | $ | 151,367 | $ | (691,944) | $ | 58,749 | $ | 51,299 | $ | 41,319 | $ | 11,136 | $ | 5,400 | ||||||||||||
Add: Amortization of intangible assets and COVID-19 related impairment of goodwill and certain intangible assets, net of tax | 775 | 714,078 | 253 | 261 | 261 | 261 | 261 | |||||||||||||||||||
Tangible net income (loss) | $ | 152,142 | $ | 22,134 | $ | 59,002 | $ | 51,560 | $ | 41,580 | $ | 11,397 | $ | 5,661 | ||||||||||||
Average common equity | $ | 1,081,752 | $ | 1,663,420 | $ | 1,113,791 | $ | 1,049,388 | $ | 1,082,077 | $ | 1,174,996 | $ | 1,163,724 | ||||||||||||
Less: Average goodwill and other intangible assets | 5,744 | 498,644 | 5,485 | 5,742 | 6,004 | 6,265 | 6,527 | |||||||||||||||||||
Average tangible common equity | $ | 1,076,008 | $ | 1,164,776 | $ | 1,108,306 | $ | 1,043,646 | $ | 1,076,073 | $ | 1,168,731 | $ | 1,157,197 | ||||||||||||
Return on average common equity * | 18.7 | % | (55.6) | % | 21.2 | % | 19.8 | % | 15.2 | % | 3.8 | % | 1.9 | % | ||||||||||||
Return on average tangible common equity ** | 18.9 | % | 2.5 | % | 21.4 | % | 20.0 | % | 15.3 | % | 3.9 | % | 2.0 | % | ||||||||||||
* 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. | ||||||||||||||||||||||||||
At or for the nine months ended: | At or for the three months ended: | |||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||
(Dollars in thousands except share and per share amounts) | ||||||||||||||||||||||||||
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis), on non-ASC 310-30 loans: | ||||||||||||||||||||||||||
Net interest income - GAAP | $ | 308,241 | $ | 313,407 | $ | 97,463 | $ | 102,870 | $ | 107,908 | $ | 106,018 | $ | 106,251 | ||||||||||||
Add: Tax equivalent adjustment | 4,770 | 4,638 | 1,595 | 1,577 | 1,598 | 1,508 | 1,601 | |||||||||||||||||||
Net interest income (FTE) | 313,011 | 318,045 | 99,058 | 104,447 | 109,506 | 107,526 | 107,852 | |||||||||||||||||||
Add: Derivative interest expense | (9,692) | (5,180) | (3,117) | (3,182) | (3,393) | (3,541) | (3,040) | |||||||||||||||||||
Adjusted net interest income (FTE) | $ | 303,319 | $ | 312,865 | $ | 95,941 | $ | 101,265 | $ | 106,113 | $ | 103,985 | $ | 104,812 | ||||||||||||
Average interest-earning assets | $ | 12,112,699 | $ | 11,763,523 | $ | 12,299,046 | $ | 12,073,497 | $ | 11,965,555 | $ | 12,184,093 | $ | 12,156,505 | ||||||||||||
Net interest margin (FTE) * | 3.46 | % | 3.61 | % | 3.23 | % | 3.51 | % | 3.63 | % | 3.51 | % | 3.57 | % | ||||||||||||
Adjusted net interest margin (FTE) ** | 3.35 | % | 3.55 | % | 3.13 | % | 3.40 | % | 3.52 | % | 3.40 | % | 3.47 | % | ||||||||||||
* 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. | ||||||||||||||||||||||||||
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis), on non-ASC 310-30 loans: | ||||||||||||||||||||||||||
Interest income - GAAP | $ | 300,925 | $ | 337,404 | $ | 93,328 | $ | 100,274 | $ | 107,323 | $ | 106,305 | $ | 107,725 | ||||||||||||
Add: Tax equivalent adjustment | 4,770 | 4,638 | 1,595 | 1,577 | 1,598 | 1,508 | 1,601 | |||||||||||||||||||
Interest income (FTE) | 305,695 | 342,042 | 94,923 | 101,851 | 108,921 | 107,813 | 109,326 | |||||||||||||||||||
Add: Derivative interest expense | (9,692) | (5,180) | (3,117) | (3,182) | (3,393) | (3,541) | (3,040) | |||||||||||||||||||
Adjusted interest income (FTE) | $ | 296,003 | $ | 336,862 | $ | 91,806 | $ | 98,669 | $ | 105,528 | $ | 104,272 | $ | 106,286 | ||||||||||||
Average non-ASC310-30 loans | $ | 9,028,273 | $ | 9,675,039 | $ | 8,500,919 | $ | 9,016,221 | $ | 9,567,679 | $ | 9,977,591 | $ | 9,974,802 | ||||||||||||
Yield (FTE) * | 4.53 | % | 4.72 | % | 4.48 | % | 4.58 | % | 4.52 | % | 4.30 | % | 4.41 | % | ||||||||||||
Adjusted yield (FTE) ** | 4.38 | % | 4.65 | % | 4.33 | % | 4.44 | % | 4.38 | % | 4.16 | % | 4.29 | % | ||||||||||||
* 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 | $ | 358,953 | $ | 317,374 | $ | 116,834 | $ | 120,063 | $ | 122,056 | $ | 102,068 | $ | 94,568 | ||||||||||||
Add: Tax equivalent adjustment | 4,770 | 4,638 | 1,595 | 1,577 | 1,598 | 1,508 | 1,601 | |||||||||||||||||||
Total revenue (FTE) | $ | 363,723 | $ | 322,012 | $ | 118,429 | $ | 121,640 | $ | 123,654 | $ | 103,576 | $ | 96,169 | ||||||||||||
Noninterest expense | $ | 177,057 | $ | 932,432 | $ | 60,505 | $ | 59,103 | $ | 57,449 | $ | 74,936 | $ | 67,049 | ||||||||||||
Less: Amortization of intangible assets and COVID-19 related impairment of goodwill and certain intangible assets | 775 | 743,484 | 253 | 261 | 261 | 261 | 278 | |||||||||||||||||||
Tangible noninterest expense | $ | 176,282 | $ | 188,948 | $ | 60,252 | $ | 58,842 | $ | 57,188 | $ | 74,675 | $ | 66,771 | ||||||||||||
Efficiency ratio * | 48.5 | % | 58.7 | % | 50.9 | % | 48.4 | % | 46.2 | % | 72.1 | % | 69.4 | % | ||||||||||||
* 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 | $ | 1,161,069 | $ | 1,160,644 | $ | 1,161,069 | $ | 1,093,919 | $ | 1,068,501 | $ | 1,162,933 | $ | 1,160,644 | ||||||||||||
Less: Goodwill and other intangible assets | 5,390 | 6,425 | 5,390 | 5,643 | 5,904 | 6,164 | 6,425 | |||||||||||||||||||
Tangible common equity | $ | 1,155,679 | $ | 1,154,219 | $ | 1,155,679 | $ | 1,088,276 | $ | 1,062,597 | $ | 1,156,769 | $ | 1,154,219 | ||||||||||||
Total assets | $ | 13,070,229 | $ | 12,934,328 | $ | 13,070,229 | $ | 13,013,739 | $ | 12,814,383 | $ | 12,604,439 | $ | 12,934,328 | ||||||||||||
Less: Goodwill and other intangible assets | 5,390 | 6,425 | 5,390 | 5,643 | 5,904 | 6,164 | 6,425 | |||||||||||||||||||
Tangible assets | $ | 13,064,839 | $ | 12,927,903 | $ | 13,064,839 | $ | 13,008,096 | $ | 12,808,479 | $ | 12,598,275 | $ | 12,927,903 | ||||||||||||
Tangible common equity to tangible assets | 8.8 | % | 8.9 | % | 8.8 | % | 8.4 | % | 8.3 | % | 9.2 | % | 8.9 | % | ||||||||||||
At or for the nine months ended: | At or for the three months ended: | |||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||
(Dollars in thousands except share and per share amounts) | ||||||||||||||||||||||||||
Tangible book value per share: | ||||||||||||||||||||||||||
Total stockholders' equity | $ | 1,161,069 | $ | 1,160,644 | $ | 1,161,069 | $ | 1,093,919 | $ | 1,068,501 | $ | 1,162,933 | $ | 1,160,644 | ||||||||||||
Less: Goodwill and other intangible assets | 5,390 | 6,425 | 5,390 | 5,643 | 5,904 | 6,164 | 6,425 | |||||||||||||||||||
Tangible common equity | $ | 1,155,679 | $ | 1,154,219 | $ | 1,155,679 | $ | 1,088,276 | $ | 1,062,597 | $ | 1,156,769 | $ | 1,154,219 | ||||||||||||
Common shares outstanding | 55,116,095 | 55,014,047 | 55,116,095 | 55,111,403 | 55,105,105 | 55,014,189 | 55,014,047 | |||||||||||||||||||
Book value per share - GAAP | $ | 21.07 | $ | 21.10 | $ | 21.07 | $ | 19.85 | $ | 19.39 | $ | 21.14 | $ | 21.10 | ||||||||||||
Tangible book value per share | $ | 20.97 | $ | 20.98 | $ | 20.97 | $ | 19.75 | $ | 19.28 | $ | 21.03 | $ | 20.98 |
Estimated Increase (Decrease) in Annualized Adjusted Net Interest Income for the Quarter Ended June 30, 2021 | |||||||||||
Change in Market Interest Rates as of June 30, 2021 | Twelve Months Ending June 30, 2022 | Twelve Months Ending June 30, 2023 | |||||||||
Immediate Shifts | |||||||||||
+400 basis points | 20.70 | % | 28.20 | % | |||||||
+300 basis points | 15.60 | % | 21.60 | % | |||||||
+200 basis points | 10.40 | % | 14.70 | % | |||||||
+100 basis points | 5.40 | % | 7.80 | % | |||||||
-100 basis points | (3.70) | % | (8.30) | % | |||||||
Gradual Shifts | |||||||||||
+400 basis points | 5.90 | % | |||||||||
+300 basis points | 4.50 | % | |||||||||
+200 basis points | 3.10 | % | |||||||||
+100 basis points | 1.70 | % | |||||||||
-100 basis points | (1.70) | % | |||||||||
Exhibit Number | Description | ||||
Statement regarding Computation of Per Share Earnings (included as Note 15 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 | |||||
Great Western Bancorp, Inc. | ||||||||
Date: August 4, 2021 | By: | /s/ Peter Chapman | ||||||
Name: | Peter Chapman | |||||||
Title: | Chief Financial Officer and Executive Vice President (Principal Financial Officer and Authorized Officer) |
Great Western Bancorp, Inc. | ||||||||
Date: August 4, 2021 | By: | /s/ Mark Borrecco | ||||||
Name: | Mark Borrecco | |||||||
Title: | President and Chief Executive Officer |
Great Western Bancorp, Inc. | ||||||||
Date: August 4, 2021 | By: | /s/ Peter Chapman | ||||||
Name: | Peter Chapman | |||||||
Title: | Chief Financial Officer and Executive Vice President |
Great Western Bancorp, Inc. | ||||||||
Date: August 4, 2021 | By: | /s/ Mark Borrecco | ||||||
Name: | Mark Borrecco | |||||||
Title: | President and Chief Executive Officer |
Great Western Bancorp, Inc. | ||||||||
Date: August 4, 2021 | By: | /s/ Peter Chapman | ||||||
Name: | Peter Chapman | |||||||
Title: | Chief Financial Officer and Executive Vice President |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
||
---|---|---|---|---|
Assets | ||||
Cash and due from banks | $ 154,046 | $ 150,085 | ||
Interest-bearing bank deposits | 1,602,299 | 282,802 | ||
Cash and cash equivalents | 1,756,345 | 432,887 | ||
Securities purchased under agreements to resell | 104,523 | 0 | ||
Securities available for sale | 2,181,514 | 1,774,626 | ||
Securities held to maturity | 202,445 | 0 | ||
Loans, net of unearned discounts and deferred fees | 8,477,783 | 10,076,142 | ||
Allowance for credit losses | [1] | (270,298) | (149,887) | |
Net loans | 8,207,485 | 9,926,255 | ||
Premises and equipment, including property held for sale | 117,240 | 119,054 | ||
Accrued interest receivable | 36,245 | 54,658 | ||
Other repossessed property | 11,498 | 20,034 | ||
Cash surrender value of life insurance policies | 183,575 | 31,658 | ||
Net deferred tax assets | 84,981 | 47,709 | ||
Other assets | 184,378 | 197,558 | ||
Total assets | 13,070,229 | 12,604,439 | ||
Deposits | ||||
Noninterest-bearing | 2,958,488 | 2,586,743 | ||
Interest-bearing | 8,579,289 | 8,422,036 | ||
Total deposits | 11,537,777 | 11,008,779 | ||
Securities sold under agreements to repurchase | 80,167 | 65,506 | ||
FHLB advances and other borrowings | 120,000 | 195,000 | ||
Subordinated debentures and subordinated notes payable | 108,933 | 108,832 | ||
Accrued expenses and other liabilities | 62,283 | 63,389 | ||
Total liabilities | 11,909,160 | 11,441,506 | ||
Stockholders’ equity | ||||
Common stock | 551 | 550 | ||
Additional paid-in capital | 1,184,638 | 1,183,647 | ||
Retained earnings | (38,721) | (57,169) | ||
Accumulated other comprehensive income | 14,601 | 35,905 | ||
Total stockholders' equity | 1,161,069 | 1,162,933 | ||
Total liabilities and stockholders' equity | $ 13,070,229 | $ 12,604,439 | ||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Assets | ||
Loans at fair value under the fair value option | $ 545,149 | $ 655,185 |
Loan held for sale | 1,377 | 12,371 |
Property held for sale | $ 600 | $ 600 |
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) | 55,116,095 | 55,014,189 |
Common stock, shares outstanding (in shares) | 55,116,095 | 55,014,189 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||
Interest income | ||||||||||
Loans | $ 93,328 | $ 109,227 | $ 300,925 | $ 342,014 | ||||||
Investment securities | 8,642 | 10,532 | 25,079 | 33,359 | ||||||
Federal funds sold and other | 654 | 112 | 1,214 | 1,278 | ||||||
Total interest income | 102,624 | 119,871 | 327,218 | 376,651 | ||||||
Interest expense | ||||||||||
Deposits | 3,505 | 10,011 | 13,976 | 50,818 | ||||||
FHLB advances and other borrowings | 867 | 2,539 | 2,603 | 8,807 | ||||||
Subordinated debentures and subordinated notes payable | 789 | 1,070 | 2,398 | 3,619 | ||||||
Total interest expense | 5,161 | 13,620 | 18,977 | 63,244 | ||||||
Net interest income | 97,463 | 106,251 | 308,241 | 313,407 | ||||||
Provision for credit losses | [1] | (20,699) | 21,641 | (13,800) | [2] | 101,539 | [2] | |||
Net interest income after (reversal of) provision for credit losses | 118,162 | 84,610 | 322,041 | 211,868 | ||||||
Noninterest income | ||||||||||
Service charges and other fees | 9,005 | 7,731 | 27,228 | 28,328 | ||||||
Wealth management fees | 3,477 | 2,773 | 9,688 | 8,859 | ||||||
Mortgage banking income, net | 2,157 | 2,422 | 9,937 | 5,179 | ||||||
Net gain on sale of securities and other assets | 0 | 0 | 247 | 0 | ||||||
Derivative interest expense | (3,117) | (3,040) | (9,692) | (5,181) | ||||||
Change in fair value of FVO loans and related derivatives | 4,110 | (25,001) | 2,480 | (37,658) | ||||||
Other derivative income | 1,530 | 2,242 | 5,683 | 950 | ||||||
Other | 2,209 | 1,190 | 5,141 | 3,490 | ||||||
Total noninterest income (loss) | 19,371 | (11,683) | 50,712 | 3,967 | ||||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 40,239 | 39,042 | 116,918 | 112,259 | ||||||
Data processing and communication | 7,054 | 5,817 | 19,825 | 17,713 | ||||||
Occupancy and equipment | 5,105 | 5,251 | 15,829 | 15,941 | ||||||
Professional fees | 4,644 | 7,382 | 12,293 | 16,409 | ||||||
Advertising | 602 | 750 | 1,635 | 2,573 | ||||||
Net (gain) loss on repossessed property and other related expenses | (760) | 2,475 | (469) | 8,508 | ||||||
Goodwill and intangible assets impairment | 0 | 0 | 0 | 742,352 | ||||||
Other ¹ | 3,621 | 6,332 | 11,026 | 16,677 | ||||||
Total noninterest expense | 60,505 | 67,049 | 177,057 | 932,432 | ||||||
Income (loss) before income taxes | 77,028 | 5,878 | 195,696 | (716,597) | ||||||
Provision for (benefit from) income taxes | 18,279 | 478 | 44,329 | (24,653) | ||||||
Net income (loss) | $ 58,749 | $ 5,400 | $ 151,367 | $ (691,944) | ||||||
Basic earnings per common share | ||||||||||
Weighted average common shares outstanding (in shares) | 55,207,008 | 55,082,621 | 55,175,567 | 55,788,751 | ||||||
Basic earnings per share (in dollars per share) | $ 1.06 | $ 0.10 | $ 2.74 | $ (12.40) | ||||||
Diluted earnings per common share | ||||||||||
Weighted average diluted common shares outstanding (in shares) | 55,524,979 | 55,145,619 | 55,409,573 | 55,788,751 | ||||||
Diluted earnings per share (in dollars per share) | $ 1.06 | $ 0.10 | $ 2.74 | $ (12.40) | ||||||
Dividends per share | ||||||||||
Dividends paid | $ 551 | $ 8,252 | $ 1,652 | $ 41,906 | ||||||
Dividends per share (in dollars per share) | $ 0.01 | $ 0.15 | $ 0.03 | $ 0.75 | ||||||
|
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
(Reversal of) provision for unfunded commitments | $ (0.2) | $ 2.2 | $ (0.3) | $ 2.9 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 58,749 | $ 5,400 | $ 151,367 | $ (691,944) |
Securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period | 11,161 | 11,838 | (28,027) | 42,019 |
Reclassification adjustment for net gain realized in net income | 0 | 0 | (247) | 0 |
Income tax (expense) benefit | (2,751) | (2,919) | 6,970 | (10,359) |
Other comprehensive income (loss), net of tax | 8,410 | 8,919 | (21,304) | 31,660 |
Comprehensive income (loss) | $ 67,159 | $ 14,319 | $ 130,063 | $ (660,284) |
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Cumulative effect adjustment related to ASU adoption |
Common Stock Par Value |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Cumulative effect adjustment related to ASU adoption
|
Accumulated Other Comprehensive Income |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Sep. 30, 2019 | $ 1,900,249 | $ (182) | [1] | $ 563 | $ 1,228,714 | $ 657,475 | $ (182) | [1] | $ 13,497 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (691,944) | (691,944) | |||||||||||
Other comprehensive income, net of tax | 31,660 | 31,660 | |||||||||||
Total comprehensive income | $ (660,284) | ||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||||
Stock-based compensation, net of tax | $ 2,750 | 1 | 2,749 | ||||||||||
Repurchase common stock | (39,983) | (14) | (39,969) | ||||||||||
Common stock cash dividends | (41,906) | (8,252) | (33,654) | ||||||||||
Ending balance at Jun. 30, 2020 | 1,160,644 | 550 | 1,183,242 | (68,305) | 45,157 | ||||||||
Beginning balance at Mar. 31, 2020 | 1,153,464 | 550 | 1,190,381 | (73,705) | 36,238 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 5,400 | 5,400 | |||||||||||
Other comprehensive income, net of tax | 8,919 | 8,919 | |||||||||||
Total comprehensive income | 14,319 | ||||||||||||
Stock-based compensation, net of tax | 1,113 | 1,113 | |||||||||||
Common stock cash dividends | (8,252) | (8,252) | |||||||||||
Ending balance at Jun. 30, 2020 | 1,160,644 | 550 | 1,183,242 | (68,305) | 45,157 | ||||||||
Beginning balance at Sep. 30, 2020 | 1,162,933 | $ (132,919) | [2] | 550 | 1,183,647 | (57,169) | $ (132,919) | [2] | 35,905 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 151,367 | 151,367 | |||||||||||
Other comprehensive income, net of tax | (21,304) | (21,304) | |||||||||||
Total comprehensive income | $ 130,063 | ||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | ||||||||||||
Stock-based compensation, net of tax | $ 2,644 | 1 | 2,643 | ||||||||||
Common stock cash dividends | (1,652) | (1,652) | 0 | ||||||||||
Ending balance at Jun. 30, 2021 | 1,161,069 | 551 | 1,184,638 | (38,721) | 14,601 | ||||||||
Beginning balance at Mar. 31, 2021 | 1,093,919 | 551 | 1,184,647 | (97,470) | 6,191 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 58,749 | 58,749 | |||||||||||
Other comprehensive income, net of tax | 8,410 | 8,410 | |||||||||||
Total comprehensive income | 67,159 | ||||||||||||
Stock-based compensation, net of tax | 542 | 542 | |||||||||||
Common stock cash dividends | (551) | (551) | |||||||||||
Ending balance at Jun. 30, 2021 | $ 1,161,069 | $ 551 | $ 1,184,638 | $ (38,721) | $ 14,601 | ||||||||
|
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends paid on common stock (in dollars per share) | $ 0.01 | $ 0.15 | $ 0.03 | $ 0.75 |
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Cash Flows [Abstract] | ||||
(Reversal of) provision for unfunded commitments | $ (0.2) | $ 2.2 | $ (0.3) | $ 2.9 |
Nature of Operations and Summary of Significant Policies |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations and Summary of Significant Policies | Nature of Operations and Summary of Significant Policies Nature of Operations The Company is a bank holding company organized under the laws of Delaware and is listed on the NYSE under the symbol "GWB." The primary business of the Company is ownership of its wholly-owned subsidiary, Great Western Bank. The Bank is a full-service regional bank focused on relationship-based business banking in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. Substantially all of the Company's income is generated from banking operations. 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. Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with 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, 2020, 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 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. Changes in Significant Accounting Policies Pursuant to the Company's adoption of ASU 2016-13, as amended, as of October 1, 2020, the Company updated its accounting policies related to securities, loans and allowance for credit losses. See "Note 2. New Accounting Standards" for additional information on the adoption of the standard. See "Note 3. Securities Available for Sale" and "Note 4. Loans and Allowance for Credit Losses" for new disclosures and additional policy information. In the second quarter of fiscal year 2021, the Company purchased securities under agreements to resell which are collateralized by FHA/VA loans guaranteed by the U.S. government. See "Securities Purchased Under Agreements to Resell" within this section for additional policy information. In the third quarter of fiscal year 2021, the Company purchased held to maturity debt securities. See "Securities" within this section for additional policy information. There were no other significant changes to the Company's accounting policies from those disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2020 that could have a material effect on the Company's consolidated financial statements. Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell are accounted for as collateralized financing transactions with a receivable recorded on the consolidated balance sheet at the amounts at which the securities were acquired, plus accrued interest. Collateral requirements are continually monitored and additional collateral is received as required. Securities received from counterparties under agreements to resell are not recognized on the consolidated balance sheet unless the counterparty defaults. The securities received under reverse repurchase transactions are residential mortgage-backed securities. Reverse repurchase transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require additional collateral pledged if the counterparty's collateral value drops below specified collateral levels. Securities Investment securities are accounted for according to their purpose and holding period. Debt securities held for resale are classified as trading. Trading securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments of trading securities are included in other noninterest income on the consolidated statements of income. There were no trading securities held at June 30, 2021 and September 30, 2020. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held to maturity. Held to maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion. All other securities are classified as available for sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Available for sale securities are stated at fair value. For available for sale debt securities in an unrealized loss position, management first evaluates whether (1) the Company has the intent to sell a security; or (2) it is more-likely-than-not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in the consolidated income statement with a corresponding adjustment to the security's amortized cost basis. If neither criteria is met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Furthermore, securities issued by the U.S. Government or a U.S. Government sponsored enterprise which carry the explicit or implicit guarantee of the U.S. Government are considered "risk-free" and therefore no credit losses are assumed on those securities. If the assessment indicates a credit loss exists, the amortized cost basis is compared to the present value of cash flows expected to be collected from the security; if it is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded. Changes in the allowance for credit losses are recorded as a provision for (reversal of) credit losses in the consolidated income statement. If the assessment indicates a credit loss does not exist, the change in fair value is recorded as unrealized gains and losses, net of related taxes, and is included in stockholders’ equity as a component of accumulated other comprehensive income (loss). Equity securities are carried at fair value, with changes in fair value reported in the consolidated statements of income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment. Realized gains and losses are recorded in noninterest income on the consolidated statements of income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities. Transfer of debt securities from the available for sale category to the hold to maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the hold to maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield over the estimated life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the estimated life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. Loans Originated Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at amortized cost (i.e., outstanding principal balance, adjusted for charge-offs and any unamortized deferred fees or costs). Other fees not associated with originating a loan are recognized as fee income when earned. Interest income on loans is accrued daily on the outstanding balances. A loan is placed on nonaccrual status when management believes, after considering collection efforts and other factors, the borrower's condition is such that collection of interest is doubtful, which is generally 90 days past due. When loans are placed on nonaccrual status, accrual of interest is discontinued and 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. For loans held for sale, loan fees charged or received on origination, net of certain direct loan origination costs, are recognized in income when the related loan is sold. For loans held for investment, loan fees, net of certain direct loan origination costs, are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Company is generally amortizing these amounts over the contractual lives of the loans. Commitment fees are recognized as income when received. The Company makes commercial, agricultural, residential real estate, consumer and other loans to customers primarily in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the borrower. Collateral held varies but includes accounts receivable, marketable securities, inventory, equipment and real estate. Personal guarantees of the borrower or related parties and government guarantees are also obtained for some loans, which reduces the Company’s risk of loss. Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. Loans held for sale include fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans are carried at cost and sold within 45 days. These loans are sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payment default, breach of representation or warranties, or documentation deficiencies. Fair value of loans held for sale is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for certain portfolios, discounted cash flow analysis. Declines in fair value below cost (and subsequent recoveries) are recognized in mortgage banking income, net. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in mortgage banking income, net on the consolidated statements of income. Loans at Fair Value Under the Fair Value Option ("FVO loans") The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing interest rate risk for longer-term loans. Fair value loans are fixed-rate loans having original maturities of 5 years or greater (typically between 5 and 15 years) to our business and agri-business banking customers to assist them in facilitating their risk management strategies. The fair value option was elected upon the origination or acquisition of these loans and written loan commitments. Interest income is recognized in the same manner on loans reported at fair value as on non-fair value loans, except in regard to origination fees and costs which are recognized immediately upon closing. The Company has also entered into interest rate derivative contracts to convert these long term fixed rate loans to variable rates. These contracts do not quality for hedge accounting and instead these interest rate derivative instruments are recognized as other assets or other liabilities on the consolidated balance sheets and measured at fair value, with changes in fair value reported in change in fair value of FVO loans and related derivatives on the consolidated statements of income. Since each fixed rate loan is paired with an offsetting derivative contract, the impact to net income is minimized. When determined necessary, a credit mark is applied against the valuation of the asset that reflects the borrower's credit worthiness. Changes in the credit mark are included in change in fair value of FVO loans and related derivatives on the consolidated statements of income. Credit Risk Management The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria and ongoing risk monitoring and review processes for all credit exposures. The strategy also emphasizes diversification on a geographic, industry, loan class type, and customer level; regular credit examinations; and management reviews of loans exhibiting deterioration of credit quality. The credit risk management strategy also includes a credit risk assessment process that performs assessments of compliance with commercial and consumer credit policies, risk ratings, and other critical credit information. Loan decisions are documented with respect to the borrower’s business, purpose of the loan, evaluation of the repayment sources, and the associated risks, evaluation of collateral, covenants and monitoring requirements, and risk rating rationale. The Company assigns all non-consumer loans a credit quality risk rating. The Company implemented a more granular risk rating methodology as of October 1, 2020. See the table below for a summary of credit quality risk ratings at June 30, 2021. For information on the credit quality risk ratings in effect before October 1, 2020, see "1. Nature of Operations and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020.
Revolving lines of credit rated Substandard or Doubtful require a higher level of approval and are reviewed quarterly. Advances are allowed to support the continued operating needs of the borrower for their operation and may include, but not limited to, working capital needs to support inventory, accounts receivable, payroll, tax payments, utilities and other needs to operate the business. All non-consumer loan risk ratings are monitored by management and updated as deemed appropriate. 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, delinquencies are monitored and standard credit scoring systems are used to assess credit risks of residential real estate and consumer loans. Troubled Debt Restructurings Loans modified under troubled debt restructurings involve granting a concession to a borrower who is experiencing financial difficulty. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection, which generally would not otherwise be considered. The Company's TDRs include performing and nonperforming TDRs, which consist of loans that continue to accrue interest at the loan's original interest rate when the Company expects to collect the remaining principal and interest on the loan, and nonaccrual TDRs, which include loans that are in a nonaccrual status and are no longer accruing interest, as the Company does not expect to collect the full amount of principal and interest owed from the borrower on these loans. At the time of modification (except for loans on nonaccrual status), a TDR is classified as nonperforming TDR until a six-month payment history of principal and interest payments, in accordance with the terms of the loan modification, is sustained, at which time the loan is moved to a performing status (performing TDR). If the Company does not expect to collect all principal and interest on the loan, the modified loan is classified as a nonaccrual TDR. All TDRs are accounted for as impaired loans and are included in the analysis of the allowance for credit losses. A TDR that has been renewed for a borrower who is no longer experiencing financial difficulty and which yields a market rate of interest at the time of a renewal is no longer considered a TDR. In March 2020, a statement was issued by our banking regulators titled "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus" that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further provides that a qualified loan modification is exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until December 31, 2020. In December 2020, the Economic Aid to Hard Hit Small Businesses, Non-Profits, and Ventures Act was enacted, which extended the TDR provisions of the CARES Act to January 1, 2022. Accordingly, in appropriate circumstances we are offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Allowance for Credit Losses ("ACL") The Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020, which uses the current expected credit loss model ("CECL") to determine the allowance for credit losses 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 measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and the net investments in leases recognized by a lessor in accordance with Topic 842 on leases. The CECL methodology requires recognition of lifetime expected credit losses that takes into consideration all relevant information, including historical losses, current conditions and reasonable and supportable forecasts of future operating conditions. Loans that do not share similar risk characteristics and are collateral dependent, primarily large loans on nonaccrual status and those which have undergone a TDR, are evaluated on an individual basis ("individual reserve"). The reserve related to these loans is calculated using the collateral available to repay the loan, most typically the liquidation value of the collateral (less selling costs, if applicable). The Company has chosen to continue to include small, less complex loans within the collective reserve for loans on nonaccrual or with TDR status. Loans that are not reserved for on an individual basis are measured on a collective, or pooled basis ("collective reserve"). Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. The historical loss experience of the pool is generally the starting point for estimating expected credit losses under the collective reserve methodology. The historical loss experience rate of the loan pool is applied to each loan within the segment over the contractual life of each loan, adjusted for estimated prepayments. Management then determines an appropriate macroeconomic forecast based on the expectation of future conditions, including but not limited to the unemployment rate, which is the most significant factor, gross domestic product and corporate bond spreads, and applies the forecast to models which estimate the change in loss expectations relative to the historical loss rates. These models have been implemented in accordance with the Company's Model Risk Management Policy. Additionally, using its new risk rating system, the Company evaluates if the current credit quality of the portfolio materially differs from the one observed over the historical loss period and applies adjustments to the allowance accordingly. Qualitative adjustments may also be made to expected losses based on current and future conditions that may not be fully captured in the modeling components above, such as but not limited to industry, geographic and borrower concentrations, loans servicing practices and changes in underwriting criteria. ASU 2016-13 requires institutions to establish a supportable forecast and reversion period for forecasted operating conditions. Management determined a two-year forecast period would capture the majority of the impact associated with current economic conditions and is short enough to be supportable. Additionally, loss rate forecasts follow a straight-line reversion back to the historical loss rate over one year following the initial forecast period. The following table describes the Company’s eight loan portfolio pools, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses.
Changes to the allowance for credit losses are made by charges to the provision for credit losses, which is reflected on the consolidated statements of income. Past due status is monitored as an indicator of credit deterioration. Loans deemed to be uncollectible are charged off against the allowance for credit losses. Recoveries of amounts previously charged-off are credited to the allowance for credit losses. Unfunded Commitments and Unfunded Commitments Reserve Unfunded residential mortgage loan commitments entered into in connection with mortgage loans to be held for sale are considered derivatives and are recorded at fair value and included in accrued expenses and other liabilities on the consolidated balance sheets with changes in fair value recorded in other interest income in the consolidated statements of income. All other unfunded loan commitments are generally related to providing credit facilities to customers and are not considered derivatives. The unfunded commitments reserve ("unfunded reserve") presents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. An unfunded reserve is not recognized for commitments unconditionally cancellable by the Company, which includes credit cards, warehouse lines of credit and other revolving lines which are deemed to be unconditionally cancellable and is recorded in accrued expenses and other liabilities on the consolidated balance sheet. Changes to the unfunded reserve are recognized in provision for credit losses in the consolidated statements of income. The unfunded reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). Loss rates are estimated by utilizing the same loss rates calculated for the collective reserve of the allowance for credit losses. The Company's change in unfunded commitments reserve from the incurred loss methodology to the current expected credit loss methodology was immaterial as of the date of adoption and therefore no provision was recognized. Accrued Interest Receivable Upon adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, the Company has elected the following: •Accrued interest receivable balances are presented separately within the consolidated balance sheets, •Accrued interest receivable balances are excluded from amortized cost of financing receivables and related disclosure requirements, and •Uncollectible accrued interest receivable is written off by reversing interest income, generally upon becoming 90 days past due. Accordingly, we do not recognize an allowance for credit losses on accrued interest receivable. Subsequent Events The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. Other than those described below, there were no material events or transactions that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. On July 29, 2021, the Board of Directors of the Company declared a dividend of $0.05 per common share payable on August 27, 2021 to stockholders of record as of close of business on August 13, 2021.
|
New Accounting Standards |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | New Accounting Standards Accounting Standards Adopted in Fiscal Year 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, which address recording of estimated lifetime credit losses on loans, including funded and unfunded commitments, and other financial instruments held by financial institutions and other organizations. ASU 2016-13, as amended, requires institutions to measure all expected credit losses related to financial assets measured at amortized cost 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 CECL model. ASU 2016-13, as amended, 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. The measurement of expected losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables and debt securities held to maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit and other similar instruments). In addition, CECL requires debt securities available for sale with an unrealized loss to be recognized as allowance for credit loss rather than as a write-down of the securities amortized cost basis when management intends to sell or believes that it is not more-likely-than-not that they will be required to sell the securities prior to recovery of the securities amortized cost to be recognized as allowance for credit loss rather than as a write-down of the securities amortized cost basis. The CECL standard does not apply to the loan portfolio accounted for using the fair value option. The Company identified eight loan portfolio pools for which a model has been established to estimate credit losses. The historical data sets of these pools were identified, populated and validated. Each segment contains loans which have similar risk characteristics. Not unlike the incurred loss model, each segment is split into loans that are individually assessed and those that are collectively assessed. The Company adopted the standard on October 1, 2020, and applied the standard's provisions under the modified retrospective approach. Upon adoption of the standard, the Company recorded a $177.3 million increase to the ACL, of which $1.5 million related to the transfer of discounts on previously acquired loans and $175.8 million related to changes from the incurred loss model to the CECL model, which resulted in a cumulative effect adjustment decrease of $132.9 million (after-tax) to retained earnings. The tax effect resulted in a $42.9 million increase in deferred tax assets. In addition, the Company has elected the 5 year CECL transition for regulatory capital ratios, resulting in an add-back of $129.5 million to common equity tier 1 capital in the first fiscal quarter 2021. The following table presents the composition of loans and allowance by portfolio segment as of September 30, 2020, as adjusted at September 30, 2020 and October 1, 2020.
The Company did not record an allowance for available for sale securities upon adoption as the investment portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which expected credit loss is zero. We adopted the CECL standard using the prospective transition approach for financial assets purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI") and accounted for under ASC 310-30. In accordance with the standard, we did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. On October 1, 2020, the Company determined $1.5 million of existing discounts on PCD loans was related to credit factors and was reclassified to the ACL. The remaining noncredit discount of $6.7 million was determined to be related to noncredit factors and will be accreted into interest income on a level-yield method over the remaining life of the loans. For additional information, see "Note 1. Nature of Operations and Summary of Significant Policies", "Note 3. Securities Available for Sale", and "Note 4. Loans and Allowance for Credit Losses." In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes in the Disclosure Requirements for Fair Value Measurement, which eliminated, added and modified certain disclosure requirements for fair value measurements. Among the changes, entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The Company adopted the standard on October 1, 2020. The adoption of this guidance did not have a material impact to the consolidated financial statements. Accounting Standards Not Yet Adopted in Fiscal Year 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which aims to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2019-12 on the consolidated financial statements and does not plan early adoption. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323 and Topic 815, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company does not expect adoption to have a material impact on the consolidated financial statements and does not plan early adoption. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time period to ease the potential burden in accounting for reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective for entities with contracts, including derivative contracts, that reference LIBOR or some other reference rate that are expected to be discontinued. For the Company's cash flow hedges, ASU 2020-04 allows: (i) an entity to change the reference rate without having to designate the hedging relationship; (ii) for cash flow hedges in which the designated hedged risk is LIBOR, allows an entity to assert that it remains probable that the hedged forecasted transaction will occur; and (iii) allows an entity to change the designated method used to assess hedge effectiveness and simplifies or temporarily suspends the assessment of hedge effectiveness for hedging relationships. ASU 2020-04 must be applied prospectively and was effective immediately upon issuance and remains effective through December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on the consolidated financial statements In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements. In July 2021, the FASB issues ASU 2021-05, Leases (Topic 842) Lessors - Certain Leases with Variable Lease Payments, which updates guidance in Topic 842, to restore long-standing accounting practice for certain sales-type leases with variable payments. ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company does not expect adoption of the new guidance to have a significant impact on our financial statements.
|
Securities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities The following table presents amortized cost and approximate fair value of investments in securities.
The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this footnote. Accrued interest receivable on debt securities totaled $5.2 million and $4.5 million as of June 30, 2021 and September 30, 2020, respectively. Accrued interest receivable for debt securities is included in accrued interest receivable on the consolidated balance sheets. As June 30, 2021 and September 30, 2020 the Company had no transfers from held to maturity debt securities. The amortized cost and approximate fair value of debt securities as of June 30, 2021 and September 30, 2020, 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.
There were no sales of securities available for sale for both the three and nine months ended June 30, 2021 and 2020 and as such there were no proceeds from the sales of securities available for sale for same periods. No gross gains (pre-tax) were realized on the sales for each of the three and nine months ended June 30, 2021 and 2020, using the specific identification method. No gross losses (pre-tax) were realized on the sales for each of the three and nine months ended June 30, 2021 and 2020, using the specific identification method. There were no sales of securities held to maturity for the three and nine months ended June 30, 2021 and as such there were no proceeds from the sales of securities held to maturity for same periods. No gross gains (pre-tax) were realized on the sales for the three and nine months ended June 30, 2021, using the specific identification method. No gross losses (pre-tax) were realized on the sales for each of the three and nine months ended June 30, 2021, using the specific identification method. As detailed in the following tables, certain investments in available for sale debt securities, which are approximately 42% and 6% of the Company’s investment portfolio at estimated fair value at June 30, 2021 and September 30, 2020, 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 not the result of credit losses at June 30, 2021, and therefore, an allowance for credit losses was not recorded. Substantially all of the Company's held to maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as "risk free" and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for those securities at June 30, 2021. In addition, the Company does not intend to sell these securities, and it is not more likely than not the Company will be required to sell the investment securities before recover of their amortized cost basis, which may be maturity. Prior to the adoption of ASU 2016-13, as amended, the Company recognized no other-than-temporary impairment on available for sale or held to maturity debt securities for the three and nine months ended June 30, 2020. Securities with an estimated fair value of approximately $1.30 billion and $1.10 billion at June 30, 2021 and September 30, 2020, 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. The following table presents the Company’s gross unrealized losses and approximate fair value of debt securities, separated by length of time that individual securities have been in a continuous unrealized loss position.
As of June 30, 2021 and September 30, 2020, the Company had 90 and 18 available for sale securities, respectively, in an unrealized loss position. As of June 30, 2021 and September 30, 2020, the Company had 11 and no held to maturity securities, respectively, in an unrealized loss position.
|
Loans and Allowance for Credit Losses |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses The following table presents the composition of loans at amortized cost as of June 30, 2021 and September 30, 2020.
The following table presents the Company’s past due and nonaccrual loans at amortized cost as of June 30, 2021. This table excludes loans measured at fair value under the fair value option of $545.1 million at June 30, 2021.
The following table presents the Company’s past due loans at September 30, 2020. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value under the fair value option of $655.2 million at September 30, 2020. The following table provides additional information on nonaccrual loans for the three and nine months ended June 30, 2021. The Company did not record any interest income on nonaccrual loans during the three and nine months ended June 30, 2021.
The following table presents the composition of the loan portfolio by internally assigned grade as of September 30, 2020. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value under the fair value option of $655.2 million at September 30, 2020.
The next three tables include additional disclosures previously required by ASC Topic 310 related to the Company's September 30, 2020 balances and activity for the three and nine ended June 30, 2020. The following table presents the Company’s impaired loans at September 30, 2020. This table excludes purchased credit impaired loans and loans measured at fair value under the fair value option.
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, 2020.
The Company did not acquire any loans during the three and nine months ended June 30, 2021. Prior to October 1, 2020, the Company accounted for acquired impaired loans in accordance with ASC 310-30. The following table is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three and nine months ended June 30, 2020.
Troubled Debt Restructurings Included in certain loan categories in the impaired loans are TDRs that were classified as impaired. Loans are designated as TDRs when the borrower is experiencing financial difficulty, and the Company agrees to concessions that are both significant and outside of market terms. Individual reserves included in the allowance for credit losses for TDRs were $11.6 million and $11.0 million at June 30, 2021 and September 30, 2020, respectively. There were $0.5 million and nominal commitments to lend additional funds to borrowers whose loans were modified in a TDR at both June 30, 2021 and September 30, 2020. The following table presents the amortized cost of the Company’s TDR balances as of June 30, 2021 and recorded value of TDR balances as of September 30, 2020.
TDRs are generally restructured through either a rate modification, term extension, payment modification or due to a bankruptcy. The following table presents a summary of all accruing loans restructured in TDRs for the three and nine months ended June 30, 2021 and 2020.
The following table presents a summary of all nonaccruing loans restructured in TDRs for the three and nine months ended June 30, 2021 and 2020.
The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default or a charge-off for the three and nine months ended June 30, 2021 and 2020, 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. There were no loans removed from TDR status during the three and nine months ended June 30, 2021 and $0.0 million and $0.3 million loans removed from TDR status during the three and nine months ended June 30, 2020, respectively, as they were restructured at market terms and are performing. Allowance for Credit Losses ("ACL") As previously mentioned in Note 2. New Accounting Standards, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, which resulted in a significant change to the Company's methodology for estimating the ACL. As a result of this adoption, the Company recorded a $177.3 million increase to the allowance as a cumulative-effect adjustment on October 1, 2020. The following tables presents ACL activity by loan portfolio segment for the three and nine months ended June 30, 2021.
The allowance for unfunded commitments was $2.1 million and $2.4 million at June 30, 2021 and September 30, 2020, respectively, and is recorded in accrued expenses and other liabilities on the consolidated balance sheets. The reversal of provision for unfunded commitments was $0.2 million and $0.3 million for the three and nine months ended June 30, 2021, respectively, and is included in provision for credit losses in the consolidated statements of income. The provision for unfunded commitments was $2.2 million and $2.9 million for the three and nine months ended June 30, 2020, respectively, and is included in other noninterest expense in the consolidated statements of income. The following tables present ACL activity by loan portfolio segment for the three and nine months ended June 30, 2020.
|
Derivative Financial Instruments |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Company uses interest rate swaps and interest rate caps/floors to manage its interest rate risk and market risk in accommodating the needs of its customers. Interest rate swaps include both traditional interest rate swaps and interest rate swaps which can be canceled by the customer on specified dates at no cost, typically referred to as swaptions. 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, 2021 and September 30, 2020.
Netting of Derivatives The Company records 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, 2021 and September 30, 2020.
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 pledging thresholds with its Swap Dealers and Futures Clearing Merchant. The Company enters into RPAs 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 effect of derivatives on the consolidated statements of income for the three and nine months ended June 30, 2021 and 2020 was as follows.
|
The Fair Value Option for Certain Loans |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
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 14 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 favorable difference between the aggregate fair value and the aggregate unpaid loan principal balance and written loan commitment amount of approximately $16.6 million at June 30, 2021 and a net favorable difference of approximately $37.3 million at September 30, 2020. The total unpaid principal balance of these long-term loans was approximately $528.5 million and $617.9 million at June 30, 2021 and September 30, 2020, 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, 2021 and September 30, 2020, there were loans with a fair value of $13.0 million and $21.7 million, respectively, which were greater than 90 days past due or in nonaccrual status with an unpaid principal balance of $13.1 million and $26.2 million, respectively. Changes in fair value for items for which the fair value option has been elected were an increase in fair value of $7.8 million and $25.2 million for the three and nine months ended June 30, 2021, respectively, and a decrease in fair value of $22.1 million and $1.5 million for the three and nine months ended June 30, 2020, respectively. These changes in fair value are reported net of the related derivative activity in change in fair value of FVO loans and related derivatives within the consolidated statements of income. For long-term loans, $4.1 million and $2.7 million for the three and nine June 30, 2021, respectively, and $23.3 million and $35.9 million for the three and nine months ended June 30, 2020, 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 |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and September 30, 2020.
Amortization expense of intangible assets were $0.2 million and $0.8 million for the three and nine months ended June 30, 2021, respectively, and $0.3 million and $1.2 million for the three and nine months ended June 30, 2020, respectively.
|
Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases ASC Topic 842, Leases ("ASC 842"), became effective for the Company on October 1, 2019. ASC 842 requires a lease, whether classified as an operating lease or a financing lease, be accounted for as a right-of-use asset ("ROU asset") with a related lease liability recorded at the present value of the lease payments. The ROU asset represents the Company's right to use an underlying asset for the lease term and is included in on the Company's consolidated balance sheets. The lease liability represents the Company's obligation to make lease payments and is included in on the Company's consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. As permitted by ASC 842, the Company elected not to reassess (i) whether any expired or existing contracts are leases or contain leases, (ii) the lease classification of any expired or existing leases, and (iii) the initial direct costs for existing leases. Subsequent to the adoption of ASC 842, the Company assesses contracts at inception to determine whether the contract is a lease or contains an embedded lease. A ROU asset and lease liability is recorded on the consolidated balance sheet for all leases except those with an original lease term of twelve months or less. Most of these leases include one or more renewal options, and certain leases also include lessee termination options. As these renewal options are not generally considered reasonably certain of exercise, they are not included in the lease term. The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms typically ranging from 1 to 15 years, with the longest term having a lease expiration of March 31, 2034. The Company has no significant financing leases as of June 30, 2021. The following table summarizes the ROU asset and lease liability as of June 30, 2021 and September 30, 2020.
Total lease expense incurred by the Company was $1.6 million and $5.0 million for the three and nine months ended June 30, 2021, respectively, and $1.8 million and $5.4 million for the three and nine months ended June 30, 2020, respectively, principally made up of contractual lease payments for operating leases. As of June 30, 2021 and September 30, 2020, the Company had no operating leases that had not yet commenced. The following table presents supplemental cash flow information related to leases for the three and nine months ended June 30, 2021 and 2020: The following table presents a maturity analysis of the Company's operating lease liability as of June 30, 2021.
|
Securities Sold Under Agreements to Repurchase |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $95.4 million and $82.6 million and fair value of approximately $96.2 million and $84.7 million at June 30, 2021 and September 30, 2020, respectively. In most cases, in alignment with the repurchase agreements in place with 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, 2021 and September 30, 2020.
|
FHLB Advances and Other Borrowings |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB Advances and Other Borrowings | FHLB Advances and Other BorrowingsFHLB advances and other borrowings consist of the following at June 30, 2021 and September 30, 2020.
As of June 30, 2021 and September 30, 2020, the Company had a borrowing capacity of $911.0 million and $947.7 million, respectively, with the FRB Discount Window. Principal balances of loans pledged to the FRB Discount Window to collateralize the borrowing totaled $1.08 billion at June 30, 2021 and $1.17 billion at September 30, 2020. The Company has secured this line for contingency funding. As of June 30, 2021 and September 30, 2020, based on its collateral pledged, the additional borrowing capacity of the Company with the FHLB was $1.79 billion and $2.03 billion, respectively. Principal balances of loans pledged to the FHLB to collateralize notes payable totaled $3.42 billion and $4.07 billion at June 30, 2021 and September 30, 2020, respectively. The Company purchased letters of credit from the FHLB to pledge as collateral on public deposits. The amount outstanding was $0.0 million and $75.0 million at June 30, 2021 and September 30, 2020, respectively. The Company had additional letters of credit from the FHLB of $10.2 million and $14.6 million at June 30, 2021 and September 30, 2020, respectively, for other purposes. As of June 30, 2021, FHLB advances and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows.
|
Subordinated Debentures and Subordinated Notes Payable |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 have 73,400 shares in the aggregate issued and outstanding, $1,000 par value, of Company Obligated Mandatorily Redeemable Preferred Securities ("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 ("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 initial 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, 2021 and September 30, 2020, Debentures, net of fair value adjustment, of $73.9 million and $73.8 million, respectively, were eligible for treatment as Tier 1 capital. Relating to the trusts, the Company held as assets $2.5 million in common shares at June 30, 2021 and September 30, 2020, 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, whose eligibility as Tier 2 capital was reduced by 20% beginning in the quarter ended September 30, 2020, and whose eligibility will continue to reduce 20% on the anniversary date thereof each of the next four years, 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 upon certain events of bankruptcy, insolvency or reorganization. Proceeds from the private placement of subordinated notes repaid outstanding subordinated debt. Subordinated debentures and subordinated notes payable are summarized as follows.
|
Profit Sharing Plan |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Profit Sharing Plan | Profit Sharing PlanThe Company participates in a multiple employer 401(k) profit sharing plan ("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 $1.7 million and $4.9 million for the three and nine months ended June 30, 2021, respectively, and $1.8 million and $5.1 million to the 401(k) Plan for the three and nine months ended June 30, 2020, respectively. |
Stock-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based CompensationOn September 26, 2014, the Board of Directors adopted, and on October 10, 2014, NAB, at that time the Company's controlling shareholder, approved the Great Western Bancorp, Inc. 2014 Omnibus Incentive Compensation Plan ("2014 Plan"), the Great Western Bancorp, Inc. 2014 Non-Employee Director Plan ("2014 Director Plan"), and the Great Western Bancorp, Inc. Executive Incentive Compensation Plan ("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 and February 9, 2021, the Company's 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 expected 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 $0.6 million and $3.0 million for the three and nine months ended June 30, 2021, respectively, and $1.1 million and $4.0 million for the three and nine months ended June 30, 2020, respectively. Related income tax benefits recognized were $0.1 million and $0.7 million for the three and nine months ended June 30, 2021, respectively, and $0.3 million and $1.0 million for the three and nine months ended June 30, 2020, respectively. The following is a summary of the Plans’ restricted share and performance-based stock award activity as of June 30, 2021 and September 30, 2020. 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, 2021, there was $5.5 million of unrecognized compensation cost related to non-vested restricted stock awards expected to be recognized over a period of 3.6 years. The fair value of the vested, but not issued stock awards was $3.0 million and $0.9 million at June 30, 2021 and September 30, 2020, respectively.
|
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 the following three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities; 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; and 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. 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 in 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 the securities are classified as Level 2 securities and fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. 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, 2021 and September 30, 2020. 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 offset the interest rate risk and an adjustment for credit risk based on the Company's 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 interest rate swap 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, and 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. 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). 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, 2021 and September 30, 2020.
The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and nine months ended June 30, 2021 and 2020.
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. 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 table presents 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, 2021 and September 30, 2020.
The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at June 30, 2021 were as follows.
Disclosures about Fair Value of Financial Instruments Significant assets and liabilities that are not considered financial instruments are accounted for at amortized cost and include premises and equipment, deferred income taxes, goodwill, and core deposit and other intangibles. Additionally, in accordance with the disclosure guideline, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. 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 on-balance sheet instruments as of June 30, 2021 and September 30, 2020 are as follows.
|
Earnings per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and 2020.
The Company had zero and 9,570 shares of unvested performance stock as of June 30, 2021 and 2020, respectively, 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 zero and 125,544 shares of anti-dilutive stock awards outstanding as of June 30, 2021 and 2020, respectively.
|
Revenue Recognition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers in accordance with ASC Topic 606, Revenue from Contracts with Customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans, letters of credit, derivatives and investment securities, as well as revenue related to mortgage servicing activities, as these activities are subject to other GAAP and discussed elsewhere within Item 8. Financial Statements and Supplementary Data, "Note 1. Nature of Operations and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Descriptions of the Company's revenue-generating activities that are within the scope of ASC Topic 606, which are presented in the consolidated income statements as components of noninterest income, are as follows: Service charges and fees on deposit accounts. Service charges on deposit accounts are earned for account maintenance and overdraft, wire and treasury management services. Revenue is recognized at the time the services are performed and is included in service charges and other fees within noninterest income on the consolidated statements of income. Interchange and merchant services income. Interchange and merchant services income are earned from credit and debit card payment processing through card association networks, merchant services and other card related services. Fees for these services are primarily based on interchange rates set by the networks and transaction volumes and are recognized as transactions are processed and settled with networks on behalf of card holders. These fees are presented net of direct expenses, including reward costs, associated with credit and debit card interchange income in service charges and other fees which are included in noninterest income on the consolidated statements of income. Wealth management and trust fee income. Wealth management and trust fees are earned for asset management, custody and recordkeeping, investment advisory and administrative services. Revenue is recognized as the services are performed. Brokerage charges are recorded as a net reduction in wealth management fees which are included in noninterest income on the consolidated statements of income. Other noninterest income. Other noninterest income primarily includes such items as letter of credit fees, gains on sale of loans held for sale and servicing fees, none of which are subject to the requirements of ASC Topic 606. The following table presents total noninterest income segregated between contracts with customers within the scope of ASC Topic 606 and those within the scope of other GAAP Topics. The following additionally presents revenues from customers that are included within noninterest income.
|
Nature of Operations and Summary of Significant Policies (Policies) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with 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, 2020, 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 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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities Investment securities are accounted for according to their purpose and holding period. Debt securities held for resale are classified as trading. Trading securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments of trading securities are included in other noninterest income on the consolidated statements of income. There were no trading securities held at June 30, 2021 and September 30, 2020. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held to maturity. Held to maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion. All other securities are classified as available for sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Available for sale securities are stated at fair value. For available for sale debt securities in an unrealized loss position, management first evaluates whether (1) the Company has the intent to sell a security; or (2) it is more-likely-than-not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in the consolidated income statement with a corresponding adjustment to the security's amortized cost basis. If neither criteria is met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Furthermore, securities issued by the U.S. Government or a U.S. Government sponsored enterprise which carry the explicit or implicit guarantee of the U.S. Government are considered "risk-free" and therefore no credit losses are assumed on those securities. If the assessment indicates a credit loss exists, the amortized cost basis is compared to the present value of cash flows expected to be collected from the security; if it is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded. Changes in the allowance for credit losses are recorded as a provision for (reversal of) credit losses in the consolidated income statement. If the assessment indicates a credit loss does not exist, the change in fair value is recorded as unrealized gains and losses, net of related taxes, and is included in stockholders’ equity as a component of accumulated other comprehensive income (loss). Equity securities are carried at fair value, with changes in fair value reported in the consolidated statements of income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment. Realized gains and losses are recorded in noninterest income on the consolidated statements of income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities. Transfer of debt securities from the available for sale category to the hold to maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the hold to maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield over the estimated life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the estimated life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Originated Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at amortized cost (i.e., outstanding principal balance, adjusted for charge-offs and any unamortized deferred fees or costs). Other fees not associated with originating a loan are recognized as fee income when earned. Interest income on loans is accrued daily on the outstanding balances. A loan is placed on nonaccrual status when management believes, after considering collection efforts and other factors, the borrower's condition is such that collection of interest is doubtful, which is generally 90 days past due. When loans are placed on nonaccrual status, accrual of interest is discontinued and 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. For loans held for sale, loan fees charged or received on origination, net of certain direct loan origination costs, are recognized in income when the related loan is sold. For loans held for investment, loan fees, net of certain direct loan origination costs, are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Company is generally amortizing these amounts over the contractual lives of the loans. Commitment fees are recognized as income when received. The Company makes commercial, agricultural, residential real estate, consumer and other loans to customers primarily in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the borrower. Collateral held varies but includes accounts receivable, marketable securities, inventory, equipment and real estate. Personal guarantees of the borrower or related parties and government guarantees are also obtained for some loans, which reduces the Company’s risk of loss. Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. Loans held for sale include fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans are carried at cost and sold within 45 days. These loans are sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payment default, breach of representation or warranties, or documentation deficiencies. Fair value of loans held for sale is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for certain portfolios, discounted cash flow analysis. Declines in fair value below cost (and subsequent recoveries) are recognized in mortgage banking income, net. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in mortgage banking income, net on the consolidated statements of income. Loans at Fair Value Under the Fair Value Option ("FVO loans") The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing interest rate risk for longer-term loans. Fair value loans are fixed-rate loans having original maturities of 5 years or greater (typically between 5 and 15 years) to our business and agri-business banking customers to assist them in facilitating their risk management strategies. The fair value option was elected upon the origination or acquisition of these loans and written loan commitments. Interest income is recognized in the same manner on loans reported at fair value as on non-fair value loans, except in regard to origination fees and costs which are recognized immediately upon closing. The Company has also entered into interest rate derivative contracts to convert these long term fixed rate loans to variable rates. These contracts do not quality for hedge accounting and instead these interest rate derivative instruments are recognized as other assets or other liabilities on the consolidated balance sheets and measured at fair value, with changes in fair value reported in change in fair value of FVO loans and related derivatives on the consolidated statements of income. Since each fixed rate loan is paired with an offsetting derivative contract, the impact to net income is minimized. When determined necessary, a credit mark is applied against the valuation of the asset that reflects the borrower's credit worthiness. Changes in the credit mark are included in change in fair value of FVO loans and related derivatives on the consolidated statements of income. Credit Risk Management The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria and ongoing risk monitoring and review processes for all credit exposures. The strategy also emphasizes diversification on a geographic, industry, loan class type, and customer level; regular credit examinations; and management reviews of loans exhibiting deterioration of credit quality. The credit risk management strategy also includes a credit risk assessment process that performs assessments of compliance with commercial and consumer credit policies, risk ratings, and other critical credit information. Loan decisions are documented with respect to the borrower’s business, purpose of the loan, evaluation of the repayment sources, and the associated risks, evaluation of collateral, covenants and monitoring requirements, and risk rating rationale. The Company assigns all non-consumer loans a credit quality risk rating. The Company implemented a more granular risk rating methodology as of October 1, 2020. See the table below for a summary of credit quality risk ratings at June 30, 2021. For information on the credit quality risk ratings in effect before October 1, 2020, see "1. Nature of Operations and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020.
Revolving lines of credit rated Substandard or Doubtful require a higher level of approval and are reviewed quarterly. Advances are allowed to support the continued operating needs of the borrower for their operation and may include, but not limited to, working capital needs to support inventory, accounts receivable, payroll, tax payments, utilities and other needs to operate the business. All non-consumer loan risk ratings are monitored by management and updated as deemed appropriate. 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, delinquencies are monitored and standard credit scoring systems are used to assess credit risks of residential real estate and consumer loans. Troubled Debt Restructurings Loans modified under troubled debt restructurings involve granting a concession to a borrower who is experiencing financial difficulty. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection, which generally would not otherwise be considered. The Company's TDRs include performing and nonperforming TDRs, which consist of loans that continue to accrue interest at the loan's original interest rate when the Company expects to collect the remaining principal and interest on the loan, and nonaccrual TDRs, which include loans that are in a nonaccrual status and are no longer accruing interest, as the Company does not expect to collect the full amount of principal and interest owed from the borrower on these loans. At the time of modification (except for loans on nonaccrual status), a TDR is classified as nonperforming TDR until a six-month payment history of principal and interest payments, in accordance with the terms of the loan modification, is sustained, at which time the loan is moved to a performing status (performing TDR). If the Company does not expect to collect all principal and interest on the loan, the modified loan is classified as a nonaccrual TDR. All TDRs are accounted for as impaired loans and are included in the analysis of the allowance for credit losses. A TDR that has been renewed for a borrower who is no longer experiencing financial difficulty and which yields a market rate of interest at the time of a renewal is no longer considered a TDR. In March 2020, a statement was issued by our banking regulators titled "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus" that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further provides that a qualified loan modification is exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until December 31, 2020. In December 2020, the Economic Aid to Hard Hit Small Businesses, Non-Profits, and Ventures Act was enacted, which extended the TDR provisions of the CARES Act to January 1, 2022. Accordingly, in appropriate circumstances we are offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses ("ACL") | Allowance for Credit Losses ("ACL") The Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, on October 1, 2020, which uses the current expected credit loss model ("CECL") to determine the allowance for credit losses 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 measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and the net investments in leases recognized by a lessor in accordance with Topic 842 on leases. The CECL methodology requires recognition of lifetime expected credit losses that takes into consideration all relevant information, including historical losses, current conditions and reasonable and supportable forecasts of future operating conditions. Loans that do not share similar risk characteristics and are collateral dependent, primarily large loans on nonaccrual status and those which have undergone a TDR, are evaluated on an individual basis ("individual reserve"). The reserve related to these loans is calculated using the collateral available to repay the loan, most typically the liquidation value of the collateral (less selling costs, if applicable). The Company has chosen to continue to include small, less complex loans within the collective reserve for loans on nonaccrual or with TDR status. Loans that are not reserved for on an individual basis are measured on a collective, or pooled basis ("collective reserve"). Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. The historical loss experience of the pool is generally the starting point for estimating expected credit losses under the collective reserve methodology. The historical loss experience rate of the loan pool is applied to each loan within the segment over the contractual life of each loan, adjusted for estimated prepayments. Management then determines an appropriate macroeconomic forecast based on the expectation of future conditions, including but not limited to the unemployment rate, which is the most significant factor, gross domestic product and corporate bond spreads, and applies the forecast to models which estimate the change in loss expectations relative to the historical loss rates. These models have been implemented in accordance with the Company's Model Risk Management Policy. Additionally, using its new risk rating system, the Company evaluates if the current credit quality of the portfolio materially differs from the one observed over the historical loss period and applies adjustments to the allowance accordingly. Qualitative adjustments may also be made to expected losses based on current and future conditions that may not be fully captured in the modeling components above, such as but not limited to industry, geographic and borrower concentrations, loans servicing practices and changes in underwriting criteria. ASU 2016-13 requires institutions to establish a supportable forecast and reversion period for forecasted operating conditions. Management determined a two-year forecast period would capture the majority of the impact associated with current economic conditions and is short enough to be supportable. Additionally, loss rate forecasts follow a straight-line reversion back to the historical loss rate over one year following the initial forecast period. The following table describes the Company’s eight loan portfolio pools, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses.
Changes to the allowance for credit losses are made by charges to the provision for credit losses, which is reflected on the consolidated statements of income. Past due status is monitored as an indicator of credit deterioration. Loans deemed to be uncollectible are charged off against the allowance for credit losses. Recoveries of amounts previously charged-off are credited to the allowance for credit losses. Unfunded Commitments and Unfunded Commitments Reserve Unfunded residential mortgage loan commitments entered into in connection with mortgage loans to be held for sale are considered derivatives and are recorded at fair value and included in accrued expenses and other liabilities on the consolidated balance sheets with changes in fair value recorded in other interest income in the consolidated statements of income. All other unfunded loan commitments are generally related to providing credit facilities to customers and are not considered derivatives. The unfunded commitments reserve ("unfunded reserve") presents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. An unfunded reserve is not recognized for commitments unconditionally cancellable by the Company, which includes credit cards, warehouse lines of credit and other revolving lines which are deemed to be unconditionally cancellable and is recorded in accrued expenses and other liabilities on the consolidated balance sheet. Changes to the unfunded reserve are recognized in provision for credit losses in the consolidated statements of income. The unfunded reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). Loss rates are estimated by utilizing the same loss rates calculated for the collective reserve of the allowance for credit losses. The Company's change in unfunded commitments reserve from the incurred loss methodology to the current expected credit loss methodology was immaterial as of the date of adoption and therefore no provision was recognized. Accrued Interest Receivable Upon adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, the Company has elected the following: •Accrued interest receivable balances are presented separately within the consolidated balance sheets, •Accrued interest receivable balances are excluded from amortized cost of financing receivables and related disclosure requirements, and •Uncollectible accrued interest receivable is written off by reversing interest income, generally upon becoming 90 days past due. Accordingly, we do not recognize an allowance for credit losses on accrued interest receivable.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 described below, there were no material events or transactions that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | Accounting Standards Adopted in Fiscal Year 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs, which address recording of estimated lifetime credit losses on loans, including funded and unfunded commitments, and other financial instruments held by financial institutions and other organizations. ASU 2016-13, as amended, requires institutions to measure all expected credit losses related to financial assets measured at amortized cost 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 CECL model. ASU 2016-13, as amended, 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. The measurement of expected losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables and debt securities held to maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit and other similar instruments). In addition, CECL requires debt securities available for sale with an unrealized loss to be recognized as allowance for credit loss rather than as a write-down of the securities amortized cost basis when management intends to sell or believes that it is not more-likely-than-not that they will be required to sell the securities prior to recovery of the securities amortized cost to be recognized as allowance for credit loss rather than as a write-down of the securities amortized cost basis. The CECL standard does not apply to the loan portfolio accounted for using the fair value option. The Company identified eight loan portfolio pools for which a model has been established to estimate credit losses. The historical data sets of these pools were identified, populated and validated. Each segment contains loans which have similar risk characteristics. Not unlike the incurred loss model, each segment is split into loans that are individually assessed and those that are collectively assessed. The Company adopted the standard on October 1, 2020, and applied the standard's provisions under the modified retrospective approach. Upon adoption of the standard, the Company recorded a $177.3 million increase to the ACL, of which $1.5 million related to the transfer of discounts on previously acquired loans and $175.8 million related to changes from the incurred loss model to the CECL model, which resulted in a cumulative effect adjustment decrease of $132.9 million (after-tax) to retained earnings. The tax effect resulted in a $42.9 million increase in deferred tax assets. In addition, the Company has elected the 5 year CECL transition for regulatory capital ratios, resulting in an add-back of $129.5 million to common equity tier 1 capital in the first fiscal quarter 2021. The Company did not record an allowance for available for sale securities upon adoption as the investment portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which expected credit loss is zero. We adopted the CECL standard using the prospective transition approach for financial assets purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI") and accounted for under ASC 310-30. In accordance with the standard, we did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. On October 1, 2020, the Company determined $1.5 million of existing discounts on PCD loans was related to credit factors and was reclassified to the ACL. The remaining noncredit discount of $6.7 million was determined to be related to noncredit factors and will be accreted into interest income on a level-yield method over the remaining life of the loans. For additional information, see "Note 1. Nature of Operations and Summary of Significant Policies", "Note 3. Securities Available for Sale", and "Note 4. Loans and Allowance for Credit Losses." In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes in the Disclosure Requirements for Fair Value Measurement, which eliminated, added and modified certain disclosure requirements for fair value measurements. Among the changes, entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The Company adopted the standard on October 1, 2020. The adoption of this guidance did not have a material impact to the consolidated financial statements. Accounting Standards Not Yet Adopted in Fiscal Year 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which aims to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2019-12 on the consolidated financial statements and does not plan early adoption. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323 and Topic 815, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company does not expect adoption to have a material impact on the consolidated financial statements and does not plan early adoption. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time period to ease the potential burden in accounting for reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective for entities with contracts, including derivative contracts, that reference LIBOR or some other reference rate that are expected to be discontinued. For the Company's cash flow hedges, ASU 2020-04 allows: (i) an entity to change the reference rate without having to designate the hedging relationship; (ii) for cash flow hedges in which the designated hedged risk is LIBOR, allows an entity to assert that it remains probable that the hedged forecasted transaction will occur; and (iii) allows an entity to change the designated method used to assess hedge effectiveness and simplifies or temporarily suspends the assessment of hedge effectiveness for hedging relationships. ASU 2020-04 must be applied prospectively and was effective immediately upon issuance and remains effective through December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on the consolidated financial statements In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | The Company recognizes revenue from contracts with customers in accordance with ASC Topic 606, Revenue from Contracts with Customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans, letters of credit, derivatives and investment securities, as well as revenue related to mortgage servicing activities, as these activities are subject to other GAAP and discussed elsewhere within Item 8. Financial Statements and Supplementary Data, "Note 1. Nature of Operations and Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Descriptions of the Company's revenue-generating activities that are within the scope of ASC Topic 606, which are presented in the consolidated income statements as components of noninterest income, are as follows: Service charges and fees on deposit accounts. Service charges on deposit accounts are earned for account maintenance and overdraft, wire and treasury management services. Revenue is recognized at the time the services are performed and is included in service charges and other fees within noninterest income on the consolidated statements of income. Interchange and merchant services income. Interchange and merchant services income are earned from credit and debit card payment processing through card association networks, merchant services and other card related services. Fees for these services are primarily based on interchange rates set by the networks and transaction volumes and are recognized as transactions are processed and settled with networks on behalf of card holders. These fees are presented net of direct expenses, including reward costs, associated with credit and debit card interchange income in service charges and other fees which are included in noninterest income on the consolidated statements of income. Wealth management and trust fee income. Wealth management and trust fees are earned for asset management, custody and recordkeeping, investment advisory and administrative services. Revenue is recognized as the services are performed. Brokerage charges are recorded as a net reduction in wealth management fees which are included in noninterest income on the consolidated statements of income. Other noninterest income. Other noninterest income primarily includes such items as letter of credit fees, gains on sale of loans held for sale and servicing fees, none of which are subject to the requirements of ASC Topic 606.
|
Nature of Operations and Summary of Significant Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the composition of the loan portfolio by internal risk rating |
The following table presents the composition of the loan portfolio by internally assigned grade as of September 30, 2020. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value under the fair value option of $655.2 million at September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | The following table describes the Company’s eight loan portfolio pools, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses.
|
New Accounting Standards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update and Change in Accounting Principle | The following table presents the composition of loans and allowance by portfolio segment as of September 30, 2020, as adjusted at September 30, 2020 and October 1, 2020.
|
Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of investments by contractual maturity | The following table presents amortized cost and approximate fair value of investments in securities.
The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this footnote. Accrued interest receivable on debt securities totaled $5.2 million and $4.5 million as of June 30, 2021 and September 30, 2020, respectively. Accrued interest receivable for debt securities is included in accrued interest receivable on the consolidated balance sheets. As June 30, 2021 and September 30, 2020 the Company had no transfers from held to maturity debt securities. The amortized cost and approximate fair value of debt securities as of June 30, 2021 and September 30, 2020, 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross unrealized losses on investments | The following table presents the Company’s gross unrealized losses and approximate fair value of debt securities, separated by length of time that individual securities have been in a continuous unrealized loss position.
|
Loans and Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | The following table describes the Company’s eight loan portfolio pools, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Company's nonaccrual loans | The following table presents the Company’s past due and nonaccrual loans at amortized cost as of June 30, 2021. This table excludes loans measured at fair value under the fair value option of $545.1 million at June 30, 2021.
The following table presents the Company’s past due loans at September 30, 2020. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value under the fair value option of $655.2 million at September 30, 2020. The following table provides additional information on nonaccrual loans for the three and nine months ended June 30, 2021. The Company did not record any interest income on nonaccrual loans during the three and nine months ended June 30, 2021.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the composition of the loan portfolio by internal risk rating |
The following table presents the composition of the loan portfolio by internally assigned grade as of September 30, 2020. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value under the fair value option of $655.2 million at September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired loans | The following table presents the Company’s impaired loans at September 30, 2020. This table excludes purchased credit impaired loans and loans measured at fair value under the fair value option.
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, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of total contractually required principal and interest | The following table is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three and nine months ended June 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of troubled debt restructurings on accruing and nonaccrual loans | The following table presents the amortized cost of the Company’s TDR balances as of June 30, 2021 and recorded value of TDR balances as of September 30, 2020.
TDRs are generally restructured through either a rate modification, term extension, payment modification or due to a bankruptcy. The following table presents a summary of all accruing loans restructured in TDRs for the three and nine months ended June 30, 2021 and 2020.
The following table presents a summary of all nonaccruing loans restructured in TDRs for the three and nine months ended June 30, 2021 and 2020.
The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default or a charge-off for the three and nine months ended June 30, 2021 and 2020, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of allowances for loan and lease losses | The following tables presents ACL activity by loan portfolio segment for the three and nine months ended June 30, 2021.
The following tables present ACL activity by loan portfolio segment for the three and nine months ended June 30, 2020.
|
Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of offsetting assets | The following tables provide information on the Company's netting adjustments as of June 30, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of offsetting liabilities | The following tables provide information on the Company's netting adjustments as of June 30, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of effect of derivatives on consolidated statements of income | The effect of derivatives on the consolidated statements of income for the three and nine months ended June 30, 2021 and 2020 was as follows.
|
Core Deposits and Other Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated amortization expense of intangible assets |
|
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of ROU Assets and Liabilities | The following table summarizes the ROU asset and lease liability as of June 30, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | The following table presents supplemental cash flow information related to leases for the three and nine months ended June 30, 2021 and 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Minimum Lease Payments | The following table presents a maturity analysis of the Company's operating lease liability as of June 30, 2021.
|
Securities Sold Under Agreements to Repurchase (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and September 30, 2020.
|
FHLB Advances and Other Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of FHLB advances and other borrowings | FHLB advances and other borrowings consist of the following at June 30, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of FHLB advances and other borrowings by maturity date | As of June 30, 2021, FHLB advances and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows.
|
Subordinated Debentures and Subordinated Notes Payable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of subordinated debentures and subordinated notes payable | Subordinated debentures and subordinated notes payable are summarized as follows.
|
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [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, 2021 and September 30, 2020. The number of performance shares granted in the following table are reflected at the amount of achievement of the pre-established targets.
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in Level 3 financial instruments | The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and nine months ended June 30, 2021 and 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of mortgage loans held-for-sale, fair value measurement | The following table presents 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, 2021 and September 30, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 were as follows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values for balance sheet instruments | Fair values for on-balance sheet instruments as of June 30, 2021 and September 30, 2020 are as follows.
|
Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and 2020.
|
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Noninterest Income | The following table presents total noninterest income segregated between contracts with customers within the scope of ASC Topic 606 and those within the scope of other GAAP Topics. The following additionally presents revenues from customers that are included within noninterest income.
|
Nature of Operations and Summary of Significant Policies - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 29, 2021
$ / shares
|
Jun. 30, 2021
pool
$ / shares
|
Jun. 30, 2020
$ / shares
|
Jun. 30, 2021
pool
$ / shares
|
Jun. 30, 2020
$ / shares
|
|
Dividends Payable [Line Items] | |||||
Fair value option, maturity period | 5 years | ||||
Number of portfolio pools | pool | 8 | 8 | |||
Common stock dividends declared (in dollars per share) | $ 0.01 | $ 0.15 | $ 0.03 | $ 0.75 | |
Minimum | |||||
Dividends Payable [Line Items] | |||||
Fair value option, maturity period | 5 years | ||||
Maximum | |||||
Dividends Payable [Line Items] | |||||
Fair value option, maturity period | 15 years | ||||
Subsequent event | |||||
Dividends Payable [Line Items] | |||||
Common stock dividends declared (in dollars per share) | $ 0.05 |
New Accounting Standards - Narrative (Details) $ in Thousands |
3 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
pool
|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Number of portfolio pools | pool | 8 | |||||||||||||||
Allowance for credit losses | $ 270,298 | [1] | $ 295,953 | $ 149,887 | [1] | $ 148,158 | $ 135,950 | $ 70,774 | ||||||||
Cumulative effect adjustment | 1,161,069 | 1,093,919 | 1,162,933 | 1,160,644 | 1,153,464 | 1,900,249 | ||||||||||
Net deferred tax assets | 84,981 | 47,709 | ||||||||||||||
Increase in common equity tier one capital | $ 129,500 | |||||||||||||||
Retained Earnings | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Cumulative effect adjustment | $ (38,721) | $ (97,470) | (57,169) | $ (68,305) | $ (73,705) | 657,475 | ||||||||||
Cumulative effect adjustment related to ASU adoption | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Allowance for credit losses | 177,289 | |||||||||||||||
Cumulative effect adjustment | (132,919) | [2] | (182) | [3] | ||||||||||||
Noncredit discount related to noncredit factors | 6,700 | |||||||||||||||
Cumulative effect adjustment related to ASU adoption | Accounting Standards Update 2016-13 | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Allowance for credit losses | 177,300 | |||||||||||||||
Cumulative effect adjustment related to ASU adoption | Accounting Standards Update 2016-13, Transfer Of Discounts On Previously Acquired Loans | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Allowance for credit losses | 1,500 | |||||||||||||||
Cumulative effect adjustment related to ASU adoption | Accounting Standards Update 2016-13, Changes From Incurred Loss Model To CECL Model | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Allowance for credit losses | 175,800 | |||||||||||||||
Cumulative effect adjustment related to ASU adoption | Retained Earnings | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Cumulative effect adjustment | (132,919) | [2] | $ (182) | [3] | ||||||||||||
Net deferred tax assets | $ 42,900 | |||||||||||||||
|
New Accounting Standards - Composition of Loans and Allowance by Portfolio Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
||||
---|---|---|---|---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | $ 10,076,142 | |||||||||
Less: Unamortized discount on acquired loans | 0 | |||||||||
Unearned net deferred fees and costs and net loans in process | 0 | |||||||||
Financing receivable | $ 8,477,783 | 10,076,142 | ||||||||
Allowance for credit losses | (270,298) | [1] | $ (295,953) | (149,887) | [1] | $ (148,158) | $ (135,950) | $ (70,774) | ||
Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Financing receivable | 4,588,368 | 5,355,401 | ||||||||
Allowance for credit losses | (168,729) | (187,487) | (85,233) | (78,623) | (64,414) | (16,827) | ||||
Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,722,696 | |||||||||
Financing receivable | 1,438,499 | 1,722,696 | ||||||||
Allowance for credit losses | (40,657) | (45,783) | (27,018) | (29,429) | (29,526) | (30,819) | ||||
Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,165,038 | |||||||||
Financing receivable | 1,710,938 | 2,165,038 | ||||||||
Allowance for credit losses | (51,024) | (52,074) | (27,599) | (29,046) | (31,766) | (17,567) | ||||
Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 730,812 | |||||||||
Financing receivable | 631,688 | 730,812 | ||||||||
Allowance for credit losses | (8,038) | (8,903) | (7,465) | (8,541) | (8,356) | (4,095) | ||||
Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 102,195 | |||||||||
Financing receivable | 108,290 | 102,195 | ||||||||
Allowance for credit losses | (1,850) | (1,706) | (2,572) | $ (2,519) | $ (1,888) | $ (1,466) | ||||
Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Construction and development | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 509,644 | |||||||||
Financing receivable | 433,293 | 509,644 | ||||||||
Allowance for credit losses | (16,180) | (15,088) | (7,012) | |||||||
Owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,417,394 | |||||||||
Financing receivable | 1,318,196 | 1,417,394 | ||||||||
Allowance for credit losses | (20,432) | (24,611) | (20,530) | |||||||
Non-owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,894,380 | |||||||||
Financing receivable | 2,244,335 | 2,894,380 | ||||||||
Allowance for credit losses | (125,956) | (135,933) | (50,965) | |||||||
Multifamily residential real estate | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 533,983 | |||||||||
Financing receivable | 592,544 | 533,983 | ||||||||
Allowance for credit losses | $ (6,161) | $ (11,855) | (6,726) | |||||||
Adoption of ASU 2016-13 as amended | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,498 | |||||||||
Less: Unamortized discount on acquired loans | 0 | |||||||||
Unearned net deferred fees and costs and net loans in process | 0 | |||||||||
Financing receivable | 1,498 | |||||||||
Allowance for credit losses | (177,289) | |||||||||
Adoption of ASU 2016-13 as amended | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | (117,928) | |||||||||
Adoption of ASU 2016-13 as amended | Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 55 | |||||||||
Allowance for credit losses | (24,360) | |||||||||
Adoption of ASU 2016-13 as amended | Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (85) | |||||||||
Allowance for credit losses | (32,938) | |||||||||
Adoption of ASU 2016-13 as amended | Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 23 | |||||||||
Allowance for credit losses | (2,595) | |||||||||
Adoption of ASU 2016-13 as amended | Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (20) | |||||||||
Allowance for credit losses | 532 | |||||||||
Adoption of ASU 2016-13 as amended | Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Adoption of ASU 2016-13 as amended | Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Adoption of ASU 2016-13 as amended | Construction and development | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | (11,963) | |||||||||
Adoption of ASU 2016-13 as amended | Owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 36 | |||||||||
Allowance for credit losses | (4,298) | |||||||||
Adoption of ASU 2016-13 as amended | Non-owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,497 | |||||||||
Allowance for credit losses | (98,986) | |||||||||
Adoption of ASU 2016-13 as amended | Multifamily residential real estate | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (8) | |||||||||
Allowance for credit losses | (2,681) | |||||||||
Adjusted Balance October 1, 2020 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 10,077,640 | |||||||||
Less: Unamortized discount on acquired loans | 0 | |||||||||
Unearned net deferred fees and costs and net loans in process | 0 | |||||||||
Financing receivable | 10,077,640 | |||||||||
Allowance for credit losses | (327,176) | |||||||||
Adjusted Balance October 1, 2020 | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | (203,161) | |||||||||
Adjusted Balance October 1, 2020 | Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,722,751 | |||||||||
Allowance for credit losses | (51,378) | |||||||||
Adjusted Balance October 1, 2020 | Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,164,953 | |||||||||
Allowance for credit losses | (60,537) | |||||||||
Adjusted Balance October 1, 2020 | Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 730,835 | |||||||||
Allowance for credit losses | (10,060) | |||||||||
Adjusted Balance October 1, 2020 | Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 102,175 | |||||||||
Allowance for credit losses | (2,040) | |||||||||
Adjusted Balance October 1, 2020 | Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Adjusted Balance October 1, 2020 | Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Adjusted Balance October 1, 2020 | Construction and development | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 509,644 | |||||||||
Allowance for credit losses | (18,975) | |||||||||
Adjusted Balance October 1, 2020 | Owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,417,430 | |||||||||
Allowance for credit losses | (24,828) | |||||||||
Adjusted Balance October 1, 2020 | Non-owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,895,877 | |||||||||
Allowance for credit losses | (149,951) | |||||||||
Adjusted Balance October 1, 2020 | Multifamily residential real estate | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 533,975 | |||||||||
Allowance for credit losses | (9,407) | |||||||||
Reported Balance at September 30, 2020 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 10,111,602 | |||||||||
Less: Unamortized discount on acquired loans | (8,215) | |||||||||
Unearned net deferred fees and costs and net loans in process | (27,245) | |||||||||
Financing receivable | 10,076,142 | |||||||||
Allowance for credit losses | (149,887) | |||||||||
Reported Balance at September 30, 2020 | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 5,274,941 | |||||||||
Allowance for credit losses | (84,496) | |||||||||
Reported Balance at September 30, 2020 | Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,724,350 | |||||||||
Allowance for credit losses | (27,018) | |||||||||
Reported Balance at September 30, 2020 | Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,181,656 | |||||||||
Allowance for credit losses | (27,599) | |||||||||
Reported Balance at September 30, 2020 | Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 830,102 | |||||||||
Allowance for credit losses | (8,202) | |||||||||
Reported Balance at September 30, 2020 | Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | (2,572) | |||||||||
Reported Balance at September 30, 2020 | Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 63,206 | |||||||||
Reported Balance at September 30, 2020 | Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 37,347 | |||||||||
Reclassification | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Less: Unamortized discount on acquired loans | 0 | |||||||||
Unearned net deferred fees and costs and net loans in process | 0 | |||||||||
Financing receivable | 0 | |||||||||
Allowance for credit losses | 0 | |||||||||
Reclassification | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (5,274,941) | |||||||||
Allowance for credit losses | (84,496) | |||||||||
Reclassification | Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | 0 | |||||||||
Reclassification | Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Allowance for credit losses | 0 | |||||||||
Reclassification | Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (97,099) | |||||||||
Allowance for credit losses | (737) | |||||||||
Reclassification | Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 100,553 | |||||||||
Allowance for credit losses | 0 | |||||||||
Reclassification | Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (63,206) | |||||||||
Reclassification | Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (37,347) | |||||||||
Reclassification | Construction and development | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 512,539 | |||||||||
Allowance for credit losses | 7,012 | |||||||||
Reclassification | Owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,420,061 | |||||||||
Allowance for credit losses | 20,530 | |||||||||
Reclassification | Non-owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 2,902,612 | |||||||||
Allowance for credit losses | 50,965 | |||||||||
Reclassification | Multifamily residential real estate | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 536,828 | |||||||||
Allowance for credit losses | 6,726 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (35,460) | |||||||||
Less: Unamortized discount on acquired loans | 8,215 | |||||||||
Unearned net deferred fees and costs and net loans in process | 27,245 | |||||||||
Financing receivable | 0 | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Agriculture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (1,654) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Commercial non-real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (16,618) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Residential real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (2,191) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Consumer and other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 1,642 | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Consumer | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Other | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Construction and development | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (2,895) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (2,667) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Non-owner-occupied CRE | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (8,232) | |||||||||
Allowance for credit losses | 0 | |||||||||
Unamortized Discounts, Unearned Net Deferred Fees and Net Loans and Process Included in Amortized Cost | Multifamily residential real estate | Total commercial real estate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Total financing receivables, gross | (2,845) | |||||||||
Allowance for credit losses | $ 0 | |||||||||
|
Securities - Schedule of Amortized Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 2,162,124 | $ 1,726,962 |
Gross Unrealized Gains | 31,977 | 47,790 |
Gross Unrealized Losses | (12,587) | (126) |
Estimated Fair Value | 2,181,514 | 1,774,626 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 202,445 | 0 |
Gross Unrealized Gains | 87 | 0 |
Gross Unrealized Losses | (507) | 0 |
Estimated Fair Value | 202,025 | 0 |
Debt Securities | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Accrued interest | 5,200 | 4,500 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 99,047 | 49,924 |
Gross Unrealized Gains | 201 | 228 |
Gross Unrealized Losses | (98) | 0 |
Estimated Fair Value | 99,150 | 50,152 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 13,666 | 0 |
Gross Unrealized Gains | 41 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 13,707 | 0 |
U.S. Agency securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 24,976 | 24,974 |
Gross Unrealized Gains | 0 | 86 |
Gross Unrealized Losses | (865) | 0 |
Estimated Fair Value | 24,111 | 25,060 |
Mortgage-backed securities | Government National Mortgage Association | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 312,811 | 485,689 |
Gross Unrealized Gains | 6,710 | 11,481 |
Gross Unrealized Losses | (274) | (43) |
Estimated Fair Value | 319,247 | 497,127 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 45,964 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (49) | 0 |
Estimated Fair Value | 45,915 | 0 |
Mortgage-backed securities | Federal Home Loan Mortgage Corporation | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 977,156 | 578,650 |
Gross Unrealized Gains | 11,786 | 18,919 |
Gross Unrealized Losses | (7,142) | (9) |
Estimated Fair Value | 981,800 | 597,560 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 53,616 | 0 |
Gross Unrealized Gains | 43 | 0 |
Gross Unrealized Losses | (34) | 0 |
Estimated Fair Value | 53,625 | 0 |
Mortgage-backed securities | Federal National Mortgage Association | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 439,752 | 287,842 |
Gross Unrealized Gains | 4,748 | 7,788 |
Gross Unrealized Losses | (3,864) | (16) |
Estimated Fair Value | 440,636 | 295,614 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 46,408 | 0 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (186) | 0 |
Estimated Fair Value | 46,225 | 0 |
Mortgage-backed securities | Small Business Assistance Program | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 232,089 | 244,653 |
Gross Unrealized Gains | 7,167 | 7,884 |
Gross Unrealized Losses | (343) | (58) |
Estimated Fair Value | 238,913 | 252,479 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 39,341 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (238) | 0 |
Estimated Fair Value | 39,103 | 0 |
States and political subdivision securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 47,287 | 54,224 |
Gross Unrealized Gains | 1,091 | 1,356 |
Gross Unrealized Losses | (1) | 0 |
Estimated Fair Value | 48,377 | 55,580 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Amortized Cost | 3,450 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,450 | 0 |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 28,000 | 0 |
Gross Unrealized Gains | 244 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 28,244 | 0 |
Other | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 1,006 | 1,006 |
Gross Unrealized Gains | 30 | 48 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 1,036 | $ 1,054 |
Securities - Schedule of Amortized Cost and Fair Value of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 18,198 | $ 67,131 |
Due after one year through five years | 123,092 | 51,779 |
Due after five years through ten years | 58,020 | 10,212 |
Due after ten years | 0 | 0 |
Amortized Cost | 199,310 | 129,122 |
Estimated Fair Value | ||
Due in one year or less | 18,289 | 67,456 |
Due after one year through five years | 122,998 | 52,694 |
Due after five years through ten years | 58,595 | 10,642 |
Due after ten years | 0 | 0 |
Estimated Fair Value | 199,882 | 130,792 |
Amortized Cost | 2,162,124 | 1,726,962 |
Estimated Fair Value | 2,181,514 | 1,774,626 |
Securities without contractual maturities, Amortized Cost | 1,006 | 1,006 |
Securities without contractual maturities, Fair Value | 1,036 | 1,054 |
Amortized Cost | ||
Due in one year or less | 150 | 0 |
Due after one year through five years | 500 | 0 |
Due after five years through ten years | 16,466 | 0 |
Due after ten years | 0 | 0 |
Amortized Cost | 17,116 | 0 |
Estimated Fair Value | ||
Due in one year or less | 150 | 0 |
Due after one year through five years | 500 | 0 |
Due after five years through ten years | 16,507 | 0 |
Due after ten years | 0 | 0 |
Estimated Fair Value | 17,157 | 0 |
Amortized Cost | 202,445 | 0 |
Estimated Fair Value | 202,025 | 0 |
Securities without contractual maturities | 0 | 0 |
Securities without contractual maturities | 0 | 0 |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Amortized Cost | 1,961,808 | 1,596,834 |
Estimated Fair Value | 1,980,596 | 1,642,780 |
Estimated Fair Value | ||
Amortized Cost | 185,329 | 0 |
Estimated Fair Value | $ 184,868 | $ 0 |
Securities - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
lease
security
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
lease
security
|
Jun. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
lease
security
|
|
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sales of debt securities available for sale | $ 0 | $ 0 | $ 0 | $ 0 | |
Gross gains realized | 0 | 0 | 0 | 0 | |
Gross loss realized | 0 | 0 | 0 | 0 | |
Proceeds from sale of held to maturity securities | 0 | 0 | |||
Debt securities, held to maturity, realized gain (loss) | $ 0 | $ 0 | |||
Percentage of investment portfolio in continuous loss position (as a percent) | 42.00% | 42.00% | 6.00% | ||
Debt securities, allowance for credit losses | $ 0 | $ 0 | |||
Other than temporary impairment losses recognized in earnings | $ 0 | $ 0 | |||
Securities pledged as collateral | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,100,000,000 | ||
Number of securities in an unrealized loss position (securities) | security | 90 | 90 | 18 | ||
Number of held to maturity securities in an unrealized loss position (securities) | lease | 11 | 11 | 0 |
Securities - Schedule of Gross Unrealized Losses on Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Securities available for sale | ||
Less than 12 months, Estimated Fair Value | $ 894,126 | $ 71,547 |
12 months or more, Estimated Fair Value | 12,402 | 27,897 |
Estimated Fair Value | 906,528 | 99,444 |
Less than 12 months, Unrealized Losses | (12,441) | (103) |
12 months or more, Unrealized Losses | (146) | (23) |
Unrealized Losses | (12,587) | (126) |
Securities held to maturity | ||
Less than 12 months, Estimated Fair Value | 136,102 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 136,102 | 0 |
Less than 12 months, Unrealized Losses | (507) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | (507) | 0 |
U.S. Treasury securities | ||
Securities available for sale | ||
Less than 12 months, Estimated Fair Value | 49,264 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 49,264 | 0 |
Less than 12 months, Unrealized Losses | (98) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | (98) | 0 |
Securities held to maturity | ||
Less than 12 months, Estimated Fair Value | 0 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | 0 | 0 |
U.S. Agency securities | ||
Securities available for sale | ||
Less than 12 months, Estimated Fair Value | 24,111 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 24,111 | 0 |
Less than 12 months, Unrealized Losses | (865) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | (865) | 0 |
Mortgage-backed securities | ||
Securities available for sale | ||
Less than 12 months, Estimated Fair Value | 819,752 | 71,547 |
12 months or more, Estimated Fair Value | 12,402 | 27,897 |
Estimated Fair Value | 832,154 | 99,444 |
Less than 12 months, Unrealized Losses | (11,477) | (103) |
12 months or more, Unrealized Losses | (146) | (23) |
Unrealized Losses | (11,623) | (126) |
Securities held to maturity | ||
Less than 12 months, Estimated Fair Value | 136,102 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 136,102 | 0 |
Less than 12 months, Unrealized Losses | (507) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | (507) | 0 |
States and political subdivision securities | ||
Securities available for sale | ||
Less than 12 months, Estimated Fair Value | 999 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 999 | 0 |
Less than 12 months, Unrealized Losses | (1) | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | (1) | 0 |
Securities held to maturity | ||
Less than 12 months, Estimated Fair Value | 0 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Unrealized Losses | $ 0 | $ 0 |
Loans and Allowance for Credit Losses - Composition of Loans at Amortized Cost (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | $ 8,477,783 | $ 10,076,142 |
Less: Fair Value Option Loans | 545,149 | 655,185 |
Less: Guaranteed Loans ¹ | 492,690 | 862,884 |
Total | 7,439,944 | 8,558,073 |
Loan held for sale | 1,377 | 12,371 |
Total commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 4,588,368 | 5,355,401 |
Less: Fair Value Option Loans | 325,404 | 396,210 |
Less: Guaranteed Loans ¹ | 76,991 | 75,870 |
Total | 4,185,973 | 4,883,321 |
Total commercial real estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 433,293 | 509,644 |
Less: Fair Value Option Loans | 0 | 0 |
Less: Guaranteed Loans ¹ | 0 | 0 |
Total | 433,293 | 509,644 |
Total commercial real estate | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 1,318,196 | 1,417,394 |
Less: Fair Value Option Loans | 93,756 | 109,097 |
Less: Guaranteed Loans ¹ | 50,189 | 48,468 |
Total | 1,174,251 | 1,259,829 |
Total commercial real estate | Non-owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 2,244,335 | 2,894,380 |
Less: Fair Value Option Loans | 230,174 | 283,266 |
Less: Guaranteed Loans ¹ | 26,802 | 27,402 |
Total | 1,987,359 | 2,583,712 |
Total commercial real estate | Multifamily residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 592,544 | 533,983 |
Less: Fair Value Option Loans | 1,474 | 3,847 |
Less: Guaranteed Loans ¹ | 0 | 0 |
Total | 591,070 | 530,136 |
Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 1,438,499 | 1,722,696 |
Less: Fair Value Option Loans | 106,060 | 129,041 |
Less: Guaranteed Loans ¹ | 34,608 | 42,353 |
Total | 1,297,831 | 1,551,302 |
Commercial non-real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 1,710,938 | 2,165,038 |
Less: Fair Value Option Loans | 113,685 | 129,934 |
Less: Guaranteed Loans ¹ | 380,812 | 744,371 |
Total | 1,216,441 | 1,290,733 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 631,688 | 730,812 |
Less: Fair Value Option Loans | 0 | 0 |
Less: Guaranteed Loans ¹ | 279 | 290 |
Total | 631,409 | 730,522 |
Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable | 108,290 | 102,195 |
Less: Fair Value Option Loans | 0 | 0 |
Less: Guaranteed Loans ¹ | 0 | 0 |
Total | $ 108,290 | $ 102,195 |
Loans and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Oct. 01, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, fair value option | $ 545,149 | $ 545,149 | $ 655,185 | |||
Loans at fair value under the fair value option | 545,149 | 545,149 | 655,185 | |||
Specific reserves included in the allowance for loan losses for TDRs | 11,600 | 11,000 | ||||
Commitments to lend additional funds | 500 | 500 | 0 | |||
Transfers out of troubled debt restructuring status | 0 | $ 0 | 0 | $ 300 | ||
Provision for credit losses on loans | (20,444) | 21,601 | (13,468) | 101,351 | ||
Reserve for unfunded loan commitments | 2,100 | 2,100 | $ 2,400 | |||
(Reversal of) provision for unfunded commitments | $ (200) | $ 2,200 | $ (300) | $ 2,900 | ||
Cumulative effect adjustment related to ASU adoption | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for credit losses on loans | $ 177,300 |
Loans and Allowance for Credit Losses - Schedule of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | $ 7,932,634 | $ 9,448,197 |
Nonaccrual | 197,106 | 322,146 |
Total commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 4,262,964 | 4,873,003 |
Nonaccrual | 27,802 | 73,146 |
Total commercial real estate | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 433,293 | |
Nonaccrual | 22 | |
Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,224,440 | |
Nonaccrual | 13,925 | |
Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 2,014,161 | |
Nonaccrual | 6,972 | |
Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 591,070 | |
Nonaccrual | 6,883 | |
Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,332,439 | 1,595,039 |
Nonaccrual | 128,671 | 217,642 |
Commercial non-real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,597,253 | 2,051,663 |
Nonaccrual | 34,152 | 26,843 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 631,688 | 828,054 |
Nonaccrual | 6,450 | 4,441 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 108,290 | 100,438 |
Nonaccrual | 31 | 74 |
Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 7,725,525 | 9,051,121 |
Current or Less Than 30 Days Past Due | Total commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 4,235,020 | 4,790,963 |
Current or Less Than 30 Days Past Due | Total commercial real estate | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 433,271 | |
Current or Less Than 30 Days Past Due | Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,210,373 | |
Current or Less Than 30 Days Past Due | Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 2,007,189 | |
Current or Less Than 30 Days Past Due | Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 584,187 | |
Current or Less Than 30 Days Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,195,763 | 1,317,377 |
Current or Less Than 30 Days Past Due | Commercial non-real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,561,870 | 2,021,308 |
Current or Less Than 30 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 624,738 | 821,154 |
Current or Less Than 30 Days Past Due | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 108,134 | 100,319 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 9,993 | 74,930 |
30-89 Days Past Due | Total commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 142 | 8,894 |
30-89 Days Past Due | Total commercial real estate | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
30-89 Days Past Due | Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 142 | |
30-89 Days Past Due | Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
30-89 Days Past Due | Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
30-89 Days Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 8,005 | 60,020 |
30-89 Days Past Due | Commercial non-real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,231 | 3,512 |
30-89 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 500 | 2,459 |
30-89 Days Past Due | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 115 | 45 |
90 Days Past Due and Still Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 10 | 0 |
90 Days Past Due and Still Accruing | Total commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | 0 |
90 Days Past Due and Still Accruing | Total commercial real estate | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
90 Days Past Due and Still Accruing | Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
90 Days Past Due and Still Accruing | Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
90 Days Past Due and Still Accruing | Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | |
90 Days Past Due and Still Accruing | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | 0 |
90 Days Past Due and Still Accruing | Commercial non-real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | 0 |
90 Days Past Due and Still Accruing | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 0 | 0 |
90 Days Past Due and Still Accruing | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 10 | 0 |
Not past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 7,932,634 | 9,448,197 |
Not past due | Total commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 4,262,964 | 4,873,003 |
Not past due | Total commercial real estate | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 433,293 | |
Not past due | Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,224,440 | |
Not past due | Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 2,014,161 | |
Not past due | Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 591,070 | |
Not past due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,332,439 | 1,595,039 |
Not past due | Commercial non-real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 1,597,253 | 2,051,663 |
Not past due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | 631,688 | 828,054 |
Not past due | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable | $ 108,290 | $ 100,438 |
Loans and Allowance for Credit Losses - Schedule of the Company's Nonaccrual Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | $ 197,106 | $ 197,106 | $ 322,146 |
Nonaccrual Loans with No Related ACL | 61,070 | 61,070 | |
Accrued Interest Written Off on Nonaccrual Loans | 173 | 2,984 | |
Total commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 27,802 | 27,802 | 73,146 |
Nonaccrual Loans with No Related ACL | 12,322 | 12,322 | |
Accrued Interest Written Off on Nonaccrual Loans | 76 | 2,108 | |
Total commercial real estate | Construction and development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 22 | 22 | |
Nonaccrual Loans with No Related ACL | 0 | 0 | |
Accrued Interest Written Off on Nonaccrual Loans | 0 | 115 | |
Total commercial real estate | Owner-occupied CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 13,925 | 13,925 | |
Nonaccrual Loans with No Related ACL | 4,232 | 4,232 | |
Accrued Interest Written Off on Nonaccrual Loans | 17 | 31 | |
Total commercial real estate | Non-owner-occupied CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 6,972 | 6,972 | |
Nonaccrual Loans with No Related ACL | 1,207 | 1,207 | |
Accrued Interest Written Off on Nonaccrual Loans | 19 | 1,922 | |
Total commercial real estate | Multifamily residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 6,883 | 6,883 | |
Nonaccrual Loans with No Related ACL | 6,883 | 6,883 | |
Accrued Interest Written Off on Nonaccrual Loans | 40 | 40 | |
Agriculture | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 128,671 | 128,671 | 217,642 |
Nonaccrual Loans with No Related ACL | 40,333 | 40,333 | |
Accrued Interest Written Off on Nonaccrual Loans | 64 | 775 | |
Commercial non-real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 34,152 | 34,152 | 26,843 |
Nonaccrual Loans with No Related ACL | 8,328 | 8,328 | |
Accrued Interest Written Off on Nonaccrual Loans | 26 | 25 | |
Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 6,450 | 6,450 | 4,441 |
Nonaccrual Loans with No Related ACL | 87 | 87 | |
Accrued Interest Written Off on Nonaccrual Loans | 7 | 75 | |
Consumer and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 31 | 31 | $ 74 |
Nonaccrual Loans with No Related ACL | 0 | 0 | |
Accrued Interest Written Off on Nonaccrual Loans | $ 0 | $ 1 |
Loans and Allowance for Credit Losses - Schedule of the Composition of the Loan Portfolio by Internal Risk Rating (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,682,428 | |
2020 | 1,563,260 | |
2019 | 1,131,849 | |
2018 | 813,530 | |
2017 | 661,833 | |
Prior to 2017 | 626,265 | |
Revolving Loans | 1,453,195 | |
Revolving Loans Converted to Term Loans | 274 | |
Financing receivable | 7,932,634 | $ 9,448,197 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,495,849 | |
2020 | 1,485,611 | |
2019 | 1,009,368 | |
2018 | 605,634 | |
2017 | 555,468 | |
Prior to 2017 | 571,569 | |
Revolving Loans | 1,273,026 | |
Revolving Loans Converted to Term Loans | 274 | |
Financing receivable | 6,996,799 | 7,789,080 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 52,288 | |
2020 | 45,579 | |
2019 | 56,537 | |
2018 | 88,406 | |
2017 | 48,831 | |
Prior to 2017 | 27,758 | |
Revolving Loans | 47,499 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 366,898 | 945,195 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 132,203 | |
2020 | 25,187 | |
2019 | 61,819 | |
2018 | 98,037 | |
2017 | 56,527 | |
Prior to 2017 | 22,969 | |
Revolving Loans | 130,300 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 527,042 | 685,959 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,088 | |
2020 | 6,883 | |
2019 | 4,125 | |
2018 | 21,453 | |
2017 | 1,007 | |
Prior to 2017 | 3,969 | |
Revolving Loans | 2,370 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 41,895 | 27,963 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | |
Total commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 891,260 | |
2020 | 928,426 | |
2019 | 772,720 | |
2018 | 562,811 | |
2017 | 493,318 | |
Prior to 2017 | 454,326 | |
Revolving Loans | 160,103 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 4,262,964 | 4,873,003 |
Total commercial real estate | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 190,758 | |
2020 | 116,332 | |
2019 | 59,275 | |
2018 | 11,743 | |
2017 | 712 | |
Prior to 2017 | 612 | |
Revolving Loans | 53,861 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 433,293 | |
Total commercial real estate | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 249,891 | |
2020 | 337,669 | |
2019 | 213,579 | |
2018 | 109,658 | |
2017 | 135,068 | |
Prior to 2017 | 134,716 | |
Revolving Loans | 43,859 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,224,440 | |
Total commercial real estate | Non-owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 297,273 | |
2020 | 370,469 | |
2019 | 352,620 | |
2018 | 363,321 | |
2017 | 288,670 | |
Prior to 2017 | 280,611 | |
Revolving Loans | 61,197 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 2,014,161 | |
Total commercial real estate | Multifamily residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 153,338 | |
2020 | 103,956 | |
2019 | 147,246 | |
2018 | 78,089 | |
2017 | 68,868 | |
Prior to 2017 | 38,387 | |
Revolving Loans | 1,186 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 591,070 | |
Total commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 771,106 | |
2020 | 880,588 | |
2019 | 684,900 | |
2018 | 456,797 | |
2017 | 432,448 | |
Prior to 2017 | 418,168 | |
Revolving Loans | 135,107 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 3,779,114 | 4,062,814 |
Total commercial real estate | Pass | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 167,374 | |
2020 | 116,332 | |
2019 | 57,660 | |
2018 | 11,743 | |
2017 | 712 | |
Prior to 2017 | 612 | |
Revolving Loans | 53,861 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 408,294 | |
Total commercial real estate | Pass | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 236,108 | |
2020 | 332,095 | |
2019 | 205,302 | |
2018 | 103,336 | |
2017 | 117,637 | |
Prior to 2017 | 122,449 | |
Revolving Loans | 43,401 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,160,328 | |
Total commercial real estate | Pass | Non-owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 214,538 | |
2020 | 335,587 | |
2019 | 275,953 | |
2018 | 273,022 | |
2017 | 246,273 | |
Prior to 2017 | 257,951 | |
Revolving Loans | 36,659 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,639,983 | |
Total commercial real estate | Pass | Multifamily residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 153,086 | |
2020 | 96,574 | |
2019 | 145,985 | |
2018 | 68,696 | |
2017 | 67,826 | |
Prior to 2017 | 37,156 | |
Revolving Loans | 1,186 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 570,509 | |
Total commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 26,619 | |
2020 | 30,215 | |
2019 | 49,318 | |
2018 | 63,631 | |
2017 | 41,341 | |
Prior to 2017 | 23,139 | |
Revolving Loans | 728 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 234,991 | 577,399 |
Total commercial real estate | Special Mention | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,560 | |
2020 | 0 | |
2019 | 196 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 2,756 | |
Total commercial real estate | Special Mention | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,716 | |
2020 | 1,606 | |
2019 | 2,810 | |
2018 | 5,798 | |
2017 | 5,525 | |
Prior to 2017 | 7,723 | |
Revolving Loans | 383 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 31,561 | |
Total commercial real estate | Special Mention | Non-owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 16,343 | |
2020 | 28,609 | |
2019 | 45,051 | |
2018 | 57,833 | |
2017 | 34,774 | |
Prior to 2017 | 14,608 | |
Revolving Loans | 345 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 197,563 | |
Total commercial real estate | Special Mention | Multifamily residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 1,261 | |
2018 | 0 | |
2017 | 1,042 | |
Prior to 2017 | 808 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 3,111 | |
Total commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 93,151 | |
2020 | 10,740 | |
2019 | 35,312 | |
2018 | 42,383 | |
2017 | 19,529 | |
Prior to 2017 | 13,019 | |
Revolving Loans | 24,268 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 238,402 | 229,467 |
Total commercial real estate | Substandard | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 20,824 | |
2020 | 0 | |
2019 | 1,419 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 22,243 | |
Total commercial real estate | Substandard | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 6,067 | |
2020 | 3,968 | |
2019 | 2,277 | |
2018 | 524 | |
2017 | 11,906 | |
Prior to 2017 | 4,544 | |
Revolving Loans | 75 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 29,361 | |
Total commercial real estate | Substandard | Non-owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 66,008 | |
2020 | 6,273 | |
2019 | 31,616 | |
2018 | 32,466 | |
2017 | 7,623 | |
Prior to 2017 | 8,052 | |
Revolving Loans | 24,193 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 176,231 | |
Total commercial real estate | Substandard | Multifamily residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 252 | |
2020 | 499 | |
2019 | 0 | |
2018 | 9,393 | |
2017 | 0 | |
Prior to 2017 | 423 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 10,567 | |
Total commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 384 | |
2020 | 6,883 | |
2019 | 3,190 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 10,457 | 3,323 |
Total commercial real estate | Doubtful | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 0 | |
Total commercial real estate | Doubtful | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 3,190 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 3,190 | |
Total commercial real estate | Doubtful | Non-owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 384 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 384 | |
Total commercial real estate | Doubtful | Multifamily residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 6,883 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 6,883 | |
Total commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | |
Agriculture | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 235,856 | |
2020 | 170,649 | |
2019 | 93,569 | |
2018 | 141,462 | |
2017 | 99,521 | |
Prior to 2017 | 30,544 | |
Revolving Loans | 560,838 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,332,439 | 1,595,039 |
Agriculture | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 185,395 | |
2020 | 148,858 | |
2019 | 73,722 | |
2018 | 58,803 | |
2017 | 57,291 | |
Prior to 2017 | 22,670 | |
Revolving Loans | 444,244 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 990,983 | 968,875 |
Agriculture | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 22,971 | |
2020 | 12,862 | |
2019 | 4,131 | |
2018 | 24,327 | |
2017 | 4,842 | |
Prior to 2017 | 3,562 | |
Revolving Loans | 28,318 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 101,013 | 265,714 |
Agriculture | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 25,786 | |
2020 | 8,929 | |
2019 | 14,828 | |
2018 | 36,941 | |
2017 | 36,381 | |
Prior to 2017 | 4,312 | |
Revolving Loans | 87,780 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 214,957 | 348,910 |
Agriculture | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,704 | |
2020 | 0 | |
2019 | 888 | |
2018 | 21,391 | |
2017 | 1,007 | |
Prior to 2017 | 0 | |
Revolving Loans | 496 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 25,486 | 11,540 |
Agriculture | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | |
Commercial non-real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 427,707 | |
2020 | 270,662 | |
2019 | 185,752 | |
2018 | 65,808 | |
2017 | 43,401 | |
Prior to 2017 | 38,935 | |
Revolving Loans | 564,988 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,597,253 | 2,051,663 |
Commercial non-real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 412,511 | |
2020 | 263,816 | |
2019 | 172,804 | |
2018 | 47,621 | |
2017 | 40,763 | |
Prior to 2017 | 33,105 | |
Revolving Loans | 527,533 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 1,498,153 | 1,851,323 |
Commercial non-real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,967 | |
2020 | 2,283 | |
2019 | 2,821 | |
2018 | 151 | |
2017 | 2,520 | |
Prior to 2017 | 763 | |
Revolving Loans | 18,271 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 28,776 | 94,401 |
Commercial non-real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13,229 | |
2020 | 4,563 | |
2019 | 10,080 | |
2018 | 17,974 | |
2017 | 118 | |
Prior to 2017 | 1,098 | |
Revolving Loans | 17,310 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 64,372 | 94,316 |
Commercial non-real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 47 | |
2018 | 62 | |
2017 | 0 | |
Prior to 2017 | 3,969 | |
Revolving Loans | 1,874 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 5,952 | 11,623 |
Commercial non-real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 106,894 | |
2020 | 181,614 | |
2019 | 63,125 | |
2018 | 41,539 | |
2017 | 24,859 | |
Prior to 2017 | 101,663 | |
Revolving Loans | 111,720 | |
Revolving Loans Converted to Term Loans | 274 | |
Financing receivable | 631,688 | 828,054 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 106,126 | |
2020 | 180,443 | |
2019 | 61,267 | |
2018 | 40,503 | |
2017 | 24,232 | |
Prior to 2017 | 96,829 | |
Revolving Loans | 110,650 | |
Revolving Loans Converted to Term Loans | 274 | |
Financing receivable | 620,324 | 806,436 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 731 | |
2020 | 219 | |
2019 | 267 | |
2018 | 297 | |
2017 | 128 | |
Prior to 2017 | 294 | |
Revolving Loans | 148 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 2,084 | 6,972 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 37 | |
2020 | 952 | |
2019 | 1,591 | |
2018 | 739 | |
2017 | 499 | |
Prior to 2017 | 4,540 | |
Revolving Loans | 922 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 9,280 | 13,173 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 0 | 1,473 |
Residential real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | |
Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 20,711 | |
2020 | 11,909 | |
2019 | 16,683 | |
2018 | 1,910 | |
2017 | 734 | |
Prior to 2017 | 797 | |
Revolving Loans | 55,546 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 108,290 | 100,438 |
Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 20,711 | |
2020 | 11,906 | |
2019 | 16,675 | |
2018 | 1,910 | |
2017 | 734 | |
Prior to 2017 | 797 | |
Revolving Loans | 55,492 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 108,225 | 99,632 |
Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 34 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 34 | 709 |
Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 3 | |
2019 | 8 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 20 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | 31 | 93 |
Consumer and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Financing receivable | $ 0 | 4 |
Consumer and other | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | $ 0 |
Loans and Allowance for Credit Losses - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
With an allowance for credit losses recorded: | |||
Recorded Investment | $ 209,762 | ||
Unpaid Principal Balance | 223,173 | ||
Related Allowance for Credit Losses | 42,993 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 503,199 | ||
Unpaid Principal Balance | 577,774 | ||
Total Recorded Investment, Impaired Loans | 712,961 | ||
Total Unpaid Principal Balance, Impaired Loans | 800,947 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | $ 609,205 | $ 562,302 | |
Interest Income Recognized While on Impaired Status | 5,905 | 27,670 | |
Total commercial real estate | |||
With an allowance for credit losses recorded: | |||
Recorded Investment | 111,121 | ||
Unpaid Principal Balance | 114,034 | ||
Related Allowance for Credit Losses | 25,087 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 121,380 | ||
Unpaid Principal Balance | 161,211 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | 152,871 | 113,146 | |
Interest Income Recognized While on Impaired Status | 1,684 | 5,350 | |
Agriculture | |||
With an allowance for credit losses recorded: | |||
Recorded Investment | 53,052 | ||
Unpaid Principal Balance | 55,145 | ||
Related Allowance for Credit Losses | 8,151 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 308,734 | ||
Unpaid Principal Balance | 332,272 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | 348,006 | 354,202 | |
Interest Income Recognized While on Impaired Status | 3,421 | 16,722 | |
Commercial non-real estate | |||
With an allowance for credit losses recorded: | |||
Recorded Investment | 39,821 | ||
Unpaid Principal Balance | 47,571 | ||
Related Allowance for Credit Losses | 7,822 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 66,542 | ||
Unpaid Principal Balance | 75,365 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | 97,310 | 84,849 | |
Interest Income Recognized While on Impaired Status | 678 | 5,079 | |
Residential real estate | |||
With an allowance for credit losses recorded: | |||
Recorded Investment | 5,670 | ||
Unpaid Principal Balance | 6,314 | ||
Related Allowance for Credit Losses | 1,903 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 6,543 | ||
Unpaid Principal Balance | 8,818 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | 10,901 | 9,957 | |
Interest Income Recognized While on Impaired Status | 120 | 513 | |
Consumer and other | |||
With an allowance for credit losses recorded: | |||
Recorded Investment | 98 | ||
Unpaid Principal Balance | 109 | ||
Related Allowance for Credit Losses | 30 | ||
With no allowance for credit losses recorded: | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | $ 108 | ||
Average recorded investment and interest income recognized on impaired loans: | |||
Average Recorded Investment | 117 | 148 | |
Interest Income Recognized While on Impaired Status | $ 2 | $ 6 |
Loans and Allowance for Credit Losses - Schedule of Acquired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 19,340 | $ 26,047 |
Accretion | (1,854) | (5,547) |
Reclassification (to) nonaccretable difference | (776) | (3,790) |
Balance at end of period | $ 16,710 | $ 16,710 |
Loans and Allowance for Credit Losses - Summary of Troubled Debt Restructurings on Accruing and Nonaccrual Financing Receivables (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Sep. 30, 2020
USD ($)
|
|
Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 40,872 | $ 40,872 | $ 35,205 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 1 | 4 | 9 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 12,001 | $ 12,065 | $ 21,019 | |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 12,001 | $ 12,065 | $ 21,019 | |
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 recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to principal paydown at time of modification, post-modification recorded investment | $ 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 recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, post-modification recorded investment | 0 | $ 0 | 0 | $ 0 | |
Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 36,312 | $ 36,312 | 62,792 | ||
Financing receivable, modifications, number of contracts | contract | 11 | 4 | 15 | 17 | |
Financing receivable, modifications, pre-modification recorded investment | $ 18,442 | $ 20,264 | $ 21,733 | $ 24,765 | |
Financing receivable, modifications, post-modification recorded investment | $ 18,442 | $ 20,264 | $ 21,733 | $ 24,765 | |
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 recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to principal paydown at time of modification, post-modification recorded investment | $ 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 recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in recorded investment due to chargeoffs at time of modification, post-modification recorded investment | 0 | $ 0 | 0 | $ 0 | |
Total commercial real estate | Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 15,102 | $ 15,102 | 23,215 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 1 | 2 | 2 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 12,001 | $ 11,199 | $ 14,880 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 12,001 | 11,199 | $ 14,880 | |
Total commercial real estate | Accruing | Construction and development | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 0 | $ 0 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | |||
Total commercial real estate | Accruing | Owner-occupied CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 3,346 | $ 3,346 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 1 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 638 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 638 | |||
Total commercial real estate | Accruing | Non-owner-occupied CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 11,756 | $ 11,756 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 1 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 10,561 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 10,561 | |||
Total commercial real estate | Accruing | Multifamily residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 0 | $ 0 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | |||
Total commercial real estate | Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 4,198 | $ 4,198 | 11,913 | ||
Financing receivable, modifications, number of contracts | contract | 2 | 0 | 2 | 1 | |
Financing receivable, modifications, pre-modification recorded investment | $ 1,446 | $ 0 | $ 1,446 | $ 2,216 | |
Financing receivable, modifications, post-modification recorded investment | 1,446 | $ 0 | 1,446 | $ 2,216 | |
Total commercial real estate | Nonaccrual | Construction and development | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 22 | $ 22 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | |||
Total commercial real estate | Nonaccrual | Owner-occupied CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 4,166 | $ 4,166 | |||
Financing receivable, modifications, number of contracts | contract | 2 | 2 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 1,446 | $ 1,446 | |||
Financing receivable, modifications, post-modification recorded investment | 1,446 | 1,446 | |||
Total commercial real estate | Nonaccrual | Non-owner-occupied CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 10 | $ 10 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | |||
Total commercial real estate | Nonaccrual | Multifamily residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 0 | $ 0 | |||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | |||
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | |||
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | |||
Agriculture | Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 20,908 | $ 20,908 | 2,976 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 1 | 2 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 654 | $ 993 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 654 | $ 993 | |
Agriculture | Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 9,275 | $ 9,275 | 45,971 | ||
Financing receivable, modifications, number of contracts | contract | 6 | 1 | 9 | 11 | |
Financing receivable, modifications, pre-modification recorded investment | $ 1,758 | $ 19,342 | $ 4,305 | $ 20,797 | |
Financing receivable, modifications, post-modification recorded investment | 1,758 | $ 19,342 | 4,305 | $ 20,797 | |
Commercial non-real estate | Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 4,626 | $ 4,626 | 8,734 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 1 | 4 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 212 | $ 5,096 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 212 | $ 5,096 | |
Commercial non-real estate | Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 22,769 | $ 22,769 | 4,803 | ||
Financing receivable, modifications, number of contracts | contract | 3 | 3 | 4 | 5 | |
Financing receivable, modifications, pre-modification recorded investment | $ 15,238 | $ 922 | $ 15,982 | $ 1,752 | |
Financing receivable, modifications, post-modification recorded investment | 15,238 | $ 922 | 15,982 | $ 1,752 | |
Residential real estate | Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 236 | $ 236 | 277 | ||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | 0 | 1 | |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 50 | |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 50 | |
Residential real estate | Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 52 | $ 52 | 74 | ||
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 | |
Consumer and other | Accruing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 0 | $ 0 | 3 | ||
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 | |
Consumer and other | Nonaccrual | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded value of TDR balance | $ 18 | $ 18 | $ 31 | ||
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 |
Loans and Allowance for Credit Losses - Subsequent Defaults on Modified Loans (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
Jun. 30, 2021
USD ($)
contract
|
Jun. 30, 2020
USD ($)
contract
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 10 | 0 | 15 |
Recorded Investment | $ | $ 0 | $ 3,194 | $ 0 | $ 4,289 |
Total commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 1 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 1,720 | $ 0 | $ 1,720 |
Total commercial real estate | Construction and development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Total commercial real estate | Owner-occupied CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Total commercial real estate | Non-owner-occupied CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Total commercial real estate | Multifamily residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Agriculture | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 5 | 0 | 10 |
Recorded Investment | $ | $ 0 | $ 166 | $ 0 | $ 1,261 |
Commercial non-real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 4 | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 1,308 | $ 0 | $ 1,308 |
Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer and other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credit Losses - Summary of Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | $ 149,887 | [1] | $ 295,953 | $ 135,950 | $ 149,887 | [1] | $ 70,774 | |||
Charge-offs | (5,994) | (10,607) | (48,549) | (27,640) | ||||||
Recoveries | 783 | 1,174 | 5,139 | 3,485 | ||||||
Provision for credit losses on loans | (20,444) | 21,601 | (13,468) | 101,351 | ||||||
Impairment of ASC 310-30 loans | 40 | 188 | ||||||||
Ending balance | 270,298 | [1] | 148,158 | 270,298 | [1] | 148,158 | ||||
Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 177,289 | 177,289 | ||||||||
Provision for credit losses on loans | 177,300 | |||||||||
Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 327,176 | 327,176 | ||||||||
Total commercial real estate | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 85,233 | 187,487 | 64,414 | 85,233 | 16,827 | |||||
Charge-offs | (4,170) | (1,335) | (37,838) | (2,789) | ||||||
Recoveries | 136 | 121 | 930 | 355 | ||||||
Provision for credit losses on loans | (14,724) | 15,392 | 2,476 | 64,249 | ||||||
Impairment of ASC 310-30 loans | 31 | (19) | ||||||||
Ending balance | 168,729 | 78,623 | 168,729 | 78,623 | ||||||
Total commercial real estate | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 117,928 | 117,928 | ||||||||
Total commercial real estate | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 203,161 | 203,161 | ||||||||
Total commercial real estate | Construction and development | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 7,012 | 15,088 | 7,012 | |||||||
Charge-offs | 0 | (27) | ||||||||
Recoveries | 38 | 377 | ||||||||
Provision for credit losses on loans | 1,054 | (3,145) | ||||||||
Ending balance | 16,180 | 16,180 | ||||||||
Total commercial real estate | Construction and development | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 11,963 | 11,963 | ||||||||
Total commercial real estate | Construction and development | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 18,975 | 18,975 | ||||||||
Total commercial real estate | Owner-occupied CRE | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 20,530 | 24,611 | 20,530 | |||||||
Charge-offs | (483) | (483) | ||||||||
Recoveries | 97 | 98 | ||||||||
Provision for credit losses on loans | (3,793) | (4,011) | ||||||||
Ending balance | 20,432 | 20,432 | ||||||||
Total commercial real estate | Owner-occupied CRE | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 4,298 | 4,298 | ||||||||
Total commercial real estate | Owner-occupied CRE | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 24,828 | 24,828 | ||||||||
Total commercial real estate | Non-owner-occupied CRE | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 50,965 | 135,933 | 50,965 | |||||||
Charge-offs | (3,310) | (36,951) | ||||||||
Recoveries | 1 | 455 | ||||||||
Provision for credit losses on loans | (6,668) | 12,501 | ||||||||
Ending balance | 125,956 | 125,956 | ||||||||
Total commercial real estate | Non-owner-occupied CRE | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 98,986 | 98,986 | ||||||||
Total commercial real estate | Non-owner-occupied CRE | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 149,951 | 149,951 | ||||||||
Total commercial real estate | Multifamily residential real estate | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 6,726 | 11,855 | 6,726 | |||||||
Charge-offs | (377) | (377) | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision for credit losses on loans | (5,317) | (2,869) | ||||||||
Ending balance | 6,161 | 6,161 | ||||||||
Total commercial real estate | Multifamily residential real estate | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 2,681 | 2,681 | ||||||||
Total commercial real estate | Multifamily residential real estate | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 9,407 | 9,407 | ||||||||
Agriculture | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 27,018 | 45,783 | 29,526 | 27,018 | 30,819 | |||||
Charge-offs | (1,654) | (4,250) | (5,042) | (13,378) | ||||||
Recoveries | 176 | 735 | 2,673 | 2,143 | ||||||
Provision for credit losses on loans | (3,648) | 3,418 | (8,352) | 10,110 | ||||||
Impairment of ASC 310-30 loans | 0 | (265) | ||||||||
Ending balance | 40,657 | 29,429 | 40,657 | 29,429 | ||||||
Agriculture | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 24,360 | 24,360 | ||||||||
Agriculture | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 51,378 | 51,378 | ||||||||
Commercial non-real estate | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 27,599 | 52,074 | 31,766 | 27,599 | 17,567 | |||||
Charge-offs | (19) | (3,210) | (4,750) | (8,269) | ||||||
Recoveries | 301 | 131 | 860 | 303 | ||||||
Provision for credit losses on loans | (1,332) | 359 | (5,623) | 19,445 | ||||||
Impairment of ASC 310-30 loans | 0 | 0 | ||||||||
Ending balance | 51,024 | 29,046 | 51,024 | 29,046 | ||||||
Commercial non-real estate | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 32,938 | 32,938 | ||||||||
Commercial non-real estate | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 60,537 | 60,537 | ||||||||
Residential real estate | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 7,465 | 8,903 | 8,356 | 7,465 | 4,095 | |||||
Charge-offs | (1) | (92) | (300) | (379) | ||||||
Recoveries | 29 | 48 | 248 | 360 | ||||||
Provision for credit losses on loans | (893) | 229 | (1,970) | 4,023 | ||||||
Impairment of ASC 310-30 loans | 0 | 442 | ||||||||
Ending balance | 8,038 | 8,541 | 8,038 | 8,541 | ||||||
Residential real estate | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 2,595 | 2,595 | ||||||||
Residential real estate | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 10,060 | 10,060 | ||||||||
Consumer and other | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | 2,572 | 1,706 | 1,888 | 2,572 | 1,466 | |||||
Charge-offs | (150) | (1,720) | (619) | (2,825) | ||||||
Recoveries | 141 | 139 | 428 | 324 | ||||||
Provision for credit losses on loans | 153 | 2,203 | 1 | 3,524 | ||||||
Impairment of ASC 310-30 loans | 9 | 30 | ||||||||
Ending balance | $ 1,850 | $ 2,519 | 1,850 | $ 2,519 | ||||||
Consumer and other | Cumulative effect adjustment related to ASU adoption | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | (532) | (532) | ||||||||
Consumer and other | Adjusted Balance October 1, 2020 | ||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||
Beginning balance | $ 2,040 | $ 2,040 | ||||||||
|
Derivative Financial Instruments - Schedule of Derivative Positions, Notional Amounts and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Derivative [Line Items] | ||
Gross Asset Fair Value | $ 55,340 | $ 83,631 |
Gross Liability Fair Value | (42,250) | (64,389) |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional Amount | 2,346,130 | 2,182,738 |
Gross Asset Fair Value | 55,340 | 83,631 |
Gross Liability Fair Value | (42,250) | (64,389) |
Not Designated as Hedging Instruments | Interest rate swaps - FVO loan portfolio | Financial institution counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 522,170 | 592,241 |
Gross Asset Fair Value | 0 | 0 |
Gross Liability Fair Value | (37,253) | (62,587) |
Not Designated as Hedging Instruments | Interest rate swaps - Other | Financial institution counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 782,712 | 641,189 |
Gross Asset Fair Value | 0 | 0 |
Gross Liability Fair Value | (1,046) | (1,672) |
Not Designated as Hedging Instruments | Interest rate swaps - Other | Customer counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 782,712 | 641,189 |
Gross Asset Fair Value | 55,329 | 83,533 |
Gross Liability Fair Value | (3,733) | 0 |
Not Designated as Hedging Instruments | Interest rate caps | Financial institution counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 30,529 | 20,538 |
Gross Asset Fair Value | 5 | 2 |
Gross Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instruments | Interest rate caps | Customer counterparties | ||
Derivative [Line Items] | ||
Notional Amount | 30,529 | 20,538 |
Gross Asset Fair Value | 0 | 0 |
Gross Liability Fair Value | (5) | (2) |
Not Designated as Hedging Instruments | Risk participation agreements | ||
Derivative [Line Items] | ||
Notional Amount | 107,552 | 80,681 |
Gross Asset Fair Value | 0 | 0 |
Gross Liability Fair Value | (207) | (32) |
Not Designated as Hedging Instruments | Mortgage loan commitments | ||
Derivative [Line Items] | ||
Notional Amount | 45,349 | 92,278 |
Gross Asset Fair Value | 0 | 0 |
Gross Liability Fair Value | (6) | (96) |
Not Designated as Hedging Instruments | Mortgage loan forward sale contracts | ||
Derivative [Line Items] | ||
Notional Amount | 44,577 | 94,084 |
Gross Asset Fair Value | 6 | 96 |
Gross Liability Fair Value | $ 0 | $ 0 |
Derivative Financial Instruments - Summary of Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets, gross amount | $ 55,340 | $ 83,631 |
Derivative assets, fair value offset amount | (2,898) | (5,263) |
Derivative assets, cash collateral | 13,474 | 20,012 |
Derivatives-assets | 65,916 | 98,380 |
Derivative liabilities, gross amount | (42,250) | (64,389) |
Derivative liabilities, fair value offset amount | 2,898 | 5,263 |
Derivative liabilities, cash collateral | 35,607 | 59,028 |
Derivative Liabilities | (3,745) | (98) |
Collateral held for initial margin | $ 25,800 | $ 22,900 |
Derivative Financial Instruments - Effect on the Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative interest expense | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | $ (3,117) | $ (3,040) | $ (9,692) | $ (5,181) |
Change in fair value of FVO loans and related derivatives | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | (3,685) | (2,883) | 27,641 | (36,148) |
Other derivative income | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | 1,530 | 2,242 | 5,683 | 950 |
Other derivative income | Mortgage loan commitments | ||||
Derivative [Line Items] | ||||
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | 175 | (627) | 90 | 21 |
Other derivative income | Mortgage loan forward sale contracts | ||||
Derivative [Line Items] | ||||
Amount of (Loss) Gain Recognized in Consolidated Statements of Income | $ (175) | $ 627 | $ (90) | $ (21) |
The Fair Value Option for Certain Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Eligible item for the fair value option | $ 16,600 | $ 16,600 | $ 37,300 | ||
Loans greater than 90 days past due or in nonaccrual status | 13,000 | 13,000 | 21,700 | ||
Unpaid principal balance greater than 90 days past due or in nonaccrual status | 13,100 | 13,100 | 26,200 | ||
Net increase (decrease) in fair value of loans at fair value | 4,110 | $ (25,001) | 2,480 | $ (37,658) | |
Long-term loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total unpaid principal balance of long-term loans | 528,500 | 528,500 | $ 617,900 | ||
Total change in fair value attributable to changes in specific credit risk | (4,100) | 23,300 | (2,700) | 35,900 | |
Long-term loans | Noninterest income | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net increase (decrease) in fair value of loans at fair value | $ 7,800 | $ (22,100) | $ (25,200) | $ (1,500) |
Core Deposits and Other Intangibles - Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,049 | $ 11,049 |
Accumulated amortization | (5,659) | (4,885) |
Total | 5,390 | 6,164 |
Core Deposit Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,339 | 7,339 |
Accumulated amortization | (4,858) | (4,316) |
Total | 2,481 | 3,023 |
Customer Relationships Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,172 | 3,172 |
Accumulated amortization | (427) | (244) |
Total | 2,745 | 2,928 |
Other Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 538 | 538 |
Accumulated amortization | (374) | (325) |
Total | $ 164 | $ 213 |
Core Deposits and Other Intangibles - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of core deposits and other intangibles | $ 0.2 | $ 0.3 | $ 0.8 | $ 1.2 |
Core Deposits and Other Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining in 2021 | $ 240 | |
2022 | 929 | |
2023 | 831 | |
2024 | 742 | |
2025 | 683 | |
2026 and thereafter | 1,965 | |
Total | $ 5,390 | $ 6,164 |
Leases - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
lease
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
lease
|
Jun. 30, 2020
USD ($)
|
Sep. 30, 2020
lease
|
|
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |||
Operating lease liability, statement of financial position [Extensible List] | Accrued expenses and other liabilities | Accrued expenses and other liabilities | |||
Lease expense | $ | $ 1.6 | $ 1.8 | $ 5.0 | $ 5.4 | |
Number of operating leases, not yet commenced | lease | 0 | 0 | 0 | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 15 years | 15 years |
Leases - Summary of ROU Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 19,861 | $ 22,709 |
Operating lease, liability | $ 21,019 | $ 24,114 |
Weighted average remaining lease term (in years) | 5 years 10 months 6 days | 6 years 3 months 14 days |
Weighted average discount rate (as a percentage) | 1.82% | 1.83% |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating cash flows paid for operating leases | $ 1,413 | $ 1,400 | $ 4,341 | $ 4,226 |
Operating leases | $ (443) | $ 2,415 | $ 2,444 | $ 8,046 |
Leases - Remaining Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Remaining in 2021 | $ 1,895 | |
2022 | 4,973 | |
2023 | 4,294 | |
2024 | 3,545 | |
2025 | 2,605 | |
2026 and thereafter | 5,446 | |
Total undiscounted lease payments | 22,758 | |
Less: Amounts representing interest | (1,739) | |
Lease liability | $ 21,019 | $ 24,114 |
Securities Sold Under Agreements to Repurchase - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Sep. 30, 2020 |
|
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 95.4 | $ 82.6 |
Securities sold under agreements to repurchase, fair value of collateral | $ 96.2 | $ 84.7 |
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, 2021 |
Sep. 30, 2020 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 80,167 | $ 65,506 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 80,167 | 65,506 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 80,167 | 65,506 |
Overnight and Continuous | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 80,167 | 65,506 |
Up to 30 Days | ||
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 | 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 | 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, 2021 |
Sep. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 120,000 | $ 195,000 |
Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (FHLB) notes payable and fed funds advance | $ 120,000 | 120,000 |
Notes payable to banks | Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.76% | |
Notes payable to banks | Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.88% | |
Federal Home Loan Bank fed funds advance | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (FHLB) notes payable and fed funds advance | $ 0 | $ 75,000 |
FHLB Advances and Other Borrowings - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Current borrowing capacity | $ 1,790.0 | $ 2,030.0 |
Loans pledged to the Federal Home Loan Bank | 3,420.0 | 4,070.0 |
Revolving Credit Facility | FRB Discount Window Loan | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | 911.0 | 947.7 |
Loans pledged to the Federal Reserve Board Discount Window | 1,080.0 | 1,170.0 |
Letter of Credit | Federal Home Loan Bank | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | 0.0 | 75.0 |
Additional Letters of Credit | Federal Home Loan Bank | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 10.2 | $ 14.6 |
FHLB Advances and Other Borrowings - Schedule of Due or Callable Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 108,933 | $ 108,832 |
FHLB Advances and Related Party Notes Payable | ||
Debt Instrument [Line Items] | ||
Remaining in 2021 | 0 | |
2022 | 30,000 | |
2023 | 30,000 | |
2024 | 60,000 | |
2025 | 0 | |
2026 and thereafter | 0 | |
Total | $ 120,000 |
Subordinated Debentures and Subordinated Notes Payable - Junior Subordinated Deferrable Interest Debentures (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
trust
quarter
$ / shares
shares
|
Sep. 30, 2020
USD ($)
|
|
Debt Instrument [Line Items] | ||
Total subordinated debentures and subordinated notes payable | $ 108,933 | $ 108,832 |
Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Total subordinated debentures and subordinated notes payable | 73,933 | 73,832 |
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 | |
Deferred interest payments, number of consecutive quarters | quarter | 20 | |
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 ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||
Face amount of debt issued | $ 35.0 | |
Stated interest rate (as a percent) | 4.875% | |
Redemption price, percentage of principal (as a percent) | 100.00% | |
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, 2021 |
Sep. 30, 2020 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||
Total | $ 108,933 | $ 108,832 | |
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 | (1,987) | (2,088) | |
Total | 73,933 | 73,832 | |
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 | |
Junior Subordinated Debt | GW Statutory Trust IV, variable rate of 2.85%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | GW Statutory Trust VI, variable rate of 1.48%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | SSB Trust II, variable rate of 1.85%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | HF Capital Trust III, variable rate of 3.35%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | HF Capital Trust IV, variable rate of 3.10%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | HF Capital Trust V, variable rate of 1.83%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
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 | |
Junior Subordinated Debt | HF Capital Trust VI, variable rate of 1.65%, plus 3 month LIBOR | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 1.65% | ||
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.875% | ||
Subordinated Debt | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.15% | ||
Subordinated Debt | Fixed to floating rate effective August 2020, 3.150% plus 3 month LIBOR | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.15% | ||
Total subordinated debentures payable, amount outstanding | $ 35,000 | $ 35,000 |
Profit Sharing Plan (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
year
|
Jun. 30, 2020
USD ($)
|
|
Retirement Benefits [Abstract] | ||||
Defined contribution plan, requisite service period (in years) | 1 year | |||
Defined contribution plan, minimum age requirement (years of age) | year | 21 | |||
Contributions by the Company | $ | $ 1.7 | $ 1.8 | $ 4.9 | $ 5.1 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 0.6 | $ 1.1 | $ 3.0 | $ 4.0 | |
Tax benefit from compensation expense | 0.1 | $ 0.3 | 0.7 | $ 1.0 | |
Share-based compensation, compensation cost not yet recognized | $ 5.5 | $ 5.5 | |||
Share-based compensation, compensation cost not yet recognized, recognition period | 3 years 7 months 6 days | ||||
Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of vested stock awards | $ 3.0 | $ 0.9 |
Stock-Based Compensation - Summary of Restricted Share and Performance-Based Stock Award Activity (Details) - $ / shares |
9 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Sep. 30, 2020 |
|
Restricted Shares | ||
Common Shares | ||
Shares, beginning of fiscal year (in shares) | 249,180 | 190,805 |
Granted (in shares) | 180,125 | 147,282 |
Vested (in shares) | (94,247) | (84,316) |
Forfeited (in shares) | (4,388) | (4,591) |
Canceled (in shares) | 0 | 0 |
Shares, end of period (in shares) | 330,670 | 249,180 |
Vested, but not issuable at end of period (in shares) | 87,324 | 62,992 |
Weighted-Average Grant Date Fair Value | ||
Shares, beginning of fiscal year (in dollars per share) | $ 32.89 | $ 37.20 |
Granted (in dollars per share) | 18.92 | 30.68 |
Vested (in dollars per share) | 33.42 | 38.60 |
Forfeited (in dollars per share) | 26.90 | 36.18 |
Canceled (in dollars per share) | 0 | 0 |
Shares, end of period (in dollars per share) | 25.21 | 32.89 |
Vested, but not issuable at end of period (in dollars per share) | $ 29.32 | $ 33.98 |
Performance Shares | ||
Common Shares | ||
Shares, beginning of fiscal year (in shares) | 175,740 | 173,332 |
Granted (in shares) | 106,000 | 62,278 |
Vested (in shares) | (25,452) | (54,861) |
Forfeited (in shares) | (5,242) | (5,009) |
Canceled (in shares) | 0 | 0 |
Shares, end of period (in shares) | 251,046 | 175,740 |
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) | $ 33.56 | $ 38.50 |
Granted (in dollars per share) | 18.87 | 40.15 |
Vested (in dollars per share) | 41.07 | 39.43 |
Forfeited (in dollars per share) | 28.85 | 37.90 |
Canceled (in dollars per share) | 0 | 0 |
Shares, end of period (in dollars per share) | 25.08 | 33.56 |
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, 2021 |
Sep. 30, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,181,514 | $ 1,774,626 |
Derivatives-assets | 65,916 | 98,380 |
Derivatives-liabilities | 3,745 | 98 |
Fair value loans | 545,149 | 655,185 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 99,150 | 50,152 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,980,596 | 1,642,780 |
States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 48,377 | 55,580 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 28,244 | 0 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,181,514 | 1,774,626 |
Derivatives-assets | 65,916 | 98,380 |
Derivatives-liabilities | 3,745 | 98 |
Fair value loans | 545,149 | 655,185 |
Loan servicing rights | 771 | 1,303 |
Fair value, measurements, recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 99,150 | 50,152 |
Fair value, measurements, recurring | U.S. Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 24,111 | 25,060 |
Fair value, measurements, recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,980,596 | 1,642,780 |
Fair value, measurements, recurring | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 48,377 | 55,580 |
Fair value, measurements, recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 28,244 | |
Fair value, measurements, recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,036 | 1,054 |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 123,261 | 75,212 |
Derivatives-assets | 0 | 0 |
Derivatives-liabilities | 0 | 0 |
Fair value loans | 0 | 0 |
Loan servicing rights | 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] | ||
Estimated Fair Value | 99,150 | 50,152 |
Fair value, measurements, recurring | Level 1 | U.S. Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 24,111 | 25,060 |
Fair value, measurements, recurring | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 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] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair value, measurements, recurring | Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,058,253 | 1,695,617 |
Derivatives-assets | 65,916 | 98,380 |
Derivatives-liabilities | 3,745 | 98 |
Fair value loans | 545,149 | 655,185 |
Loan servicing rights | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,980,596 | 1,642,780 |
Fair value, measurements, recurring | Level 2 | States and political subdivision securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 48,377 | 51,783 |
Fair value, measurements, recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 28,244 | |
Fair value, measurements, recurring | Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,036 | 1,054 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 3,797 |
Derivatives-assets | 0 | 0 |
Derivatives-liabilities | 0 | 0 |
Fair value loans | 0 | 0 |
Loan servicing rights | 771 | 1,303 |
Fair value, measurements, recurring | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 3 | U.S. Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 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] | ||
Estimated Fair Value | 0 | 3,797 |
Fair value, measurements, recurring | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair value, measurements, recurring | Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Changes in Level 3 Financial Instruments (Details) - Loan servicing rights - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 900 | $ 1,863 | $ 1,303 | $ 2,255 |
Realized and unrealized (loss) | (129) | (269) | (532) | (661) |
Balance, end of period | $ 771 | $ 1,594 | $ 771 | $ 1,594 |
Fair Value Measurements - Summary of Mortgage Loans Held-For-Sale, Fair Value Measurement (Details) - Fair value, measurements, nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | $ 5,786 | $ 17,991 |
Impaired loans | 187,903 | 669,968 |
Mortgage loans held for sale, at lower of cost or fair value | 1,377 | 12,371 |
Property held for sale | 600 | 600 |
Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | 0 | 0 |
Impaired loans | 0 | 0 |
Mortgage loans held for sale, at lower of cost or fair value | 0 | 0 |
Property held for sale | 0 | 0 |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | 0 | 0 |
Impaired loans | 0 | 0 |
Mortgage loans held for sale, at lower of cost or fair value | 1,377 | 12,371 |
Property held for sale | 0 | 0 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | 5,786 | 17,991 |
Impaired loans | 187,903 | 669,968 |
Mortgage loans held for sale, at lower of cost or fair value | 0 | 0 |
Property held for sale | $ 600 | $ 600 |
Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs Used to Measure Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Property held for sale | $ 600 | $ 600 |
Fair value, measurements, nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | 5,786 | 17,991 |
Impaired loans | 187,903 | 669,968 |
Fair value, measurements, nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other repossessed property | 5,786 | 17,991 |
Impaired loans | 187,903 | $ 669,968 |
Property held for sale | $ 600 |
Fair Value Measurements - Schedule of Fair Values for Balance Sheet Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Assets | ||
Securities purchased under agreements to resell | $ 104,523 | $ 0 |
Liabilities | ||
Unamortized discount on acquired loans | 29,200 | 29,000 |
Level 1 | Carrying Amount | ||
Assets | ||
Cash and cash equivalents | 1,756,345 | 432,887 |
Securities purchased under agreements to resell | 104,523 | 0 |
Securities held to maturity | 13,666 | 0 |
Level 1 | Fair Value | ||
Assets | ||
Cash and cash equivalents | 1,756,345 | 432,887 |
Securities purchased under agreements to resell | 104,523 | 0 |
Securities held to maturity | 13,707 | 0 |
Level 2 | Carrying Amount | ||
Assets | ||
Securities held to maturity | 185,329 | 0 |
Liabilities | ||
Time deposits | 797,185 | 1,282,978 |
FHLB advances and other borrowings | 120,000 | 195,000 |
Securities sold under repurchase agreements | 80,167 | 65,506 |
Subordinated debentures and subordinated notes payable | 108,933 | 108,832 |
Level 2 | Fair Value | ||
Assets | ||
Securities held to maturity | 184,868 | 0 |
Liabilities | ||
Time deposits | 798,418 | 1,287,814 |
FHLB advances and other borrowings | 127,027 | 204,715 |
Securities sold under repurchase agreements | 80,167 | 65,506 |
Subordinated debentures and subordinated notes payable | 96,988 | 96,424 |
Level 3 | Carrying Amount | ||
Assets | ||
Securities held to maturity | 3,450 | 0 |
Loans, net, excluding fair valued loans, loans held for sale and impaired loans | 7,743,354 | 8,738,617 |
Level 3 | Fair Value | ||
Assets | ||
Securities held to maturity | 3,450 | 0 |
Loans, net, excluding fair valued loans, loans held for sale and impaired loans | $ 7,754,795 | $ 8,768,314 |
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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 58,749 | $ 5,400 | $ 151,367 | $ (691,944) |
Weighted average common shares outstanding (in shares) | 55,207,008 | 55,082,621 | 55,175,567 | 55,788,751 |
Dilutive effect of stock based compensation (in shares) | 317,971 | 62,998 | 234,006 | 0 |
Weighted average common shares outstanding for diluted earnings per share calculation (in shares) | 55,524,979 | 55,145,619 | 55,409,573 | 55,788,751 |
Basic earnings per share (in dollars per share) | $ 1.06 | $ 0.10 | $ 2.74 | $ (12.40) |
Diluted earnings per share (in dollars per share) | $ 1.06 | $ 0.10 | $ 2.74 | $ (12.40) |
Earnings per Share - Narrative (Details) - shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Performance Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share (in shares) | 0 | 9,570 |
Stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share (in shares) | 0 | 125,544 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 13,182 | $ 11,249 | $ 39,345 | $ 39,264 |
Noninterest income within the scope of other GAAP Topics | 6,189 | (22,932) | 11,367 | (35,297) |
Total noninterest income (loss) | 19,371 | (11,683) | 50,712 | 3,967 |
Service charges and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,005 | 7,731 | 27,228 | 28,328 |
Wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,477 | 2,773 | 9,688 | 8,859 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 700 | $ 745 | $ 2,429 | $ 2,077 |
<+S"1\&>ZCUM,0XVW6;UP_P888W-C"&PO=V]R:W-H965T
R<
M$'#E2D_N$OP+KJN:VRLYP=(:Y]R&T*=NW<"E%Y=G19%9?72-Y.(E3@ DW&6@
M"?VP%ELF.S) 26!BKN4^JY-(
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MHS6LO7G]_/U'\JZ2$WCVN!/&VW/WMC*5HL'QQTBR=Z WNL=>!P-S!9AY;SFI(0.AJ .B:)Q:'7UA1
MTB]Z\58XTJ:J[.]ZL!@V-LJ JUHR;IA8 Y8!+$3[Y3#;H3[@*I#?B+\%C!_J
M%L"XIBT5[;.07+5R?*NFW*R>Q=7US^,
M.B#XVAZBZ>"&HJ'BT++KY6BQG^L#\=G'CS^]_WGV0LJFUFHY?!()V+D%A>L&
M+3.22B18V]B^MO^-
ZD_(7##?7*@^ZN07OBG.XE&O!YY'M=U)16N<-^:G(/?
M>I0V >BUUJ'T5J1OBL#Q]8,2]13G7TQK=M?Q I_G*N4R!:>"SNR;M B_HWUP
MIEDP[2^V?A-68?&V^5C:M'92:Q9<#&;P4,<)36MVA6/BH?V$'VBXK(NB/\!;
MN7[UC2;AN+3MU^O26=YY%=)R9Y"6(@EYNWJZ]@L,0,],RJ6O7H6)4?D[CG1$
MQ3.:7IS2,GF4\P+#0=3A["D3;S#T*#];D5+ZNY2X:47IHS:Y+7W!Z*C7W$-C
MOJ].A7%"WTF;AGF^?XHE."OQ[^:+1(C0,)#B^CWX0Z[-R2WUBQ#CO-B-*/,OB=Y?@N=79X3@U =@TO V9<7_+]Z?
M:/4).J<7!-RAP3] &'Z>VVQTZ<(I3>K:/$*#W[&S]-+)8NM!-DA=E'#Q*[^#
M2V_3%1H74T9)*)_?.NDCP97):+;5N]MD2;WK3 H5Z<")+(KZ5<7)]@ $EV!"
MYI:.)(N&&QYS:ZN7QY-RBDUNS"2KWZ=3:=B^&%.>=\I]2/81F?JF,7R.\@'O
M+G GSW-7T3[, >6A(\.N0 P_SZ,%RWBG;^2T8YY6*[E?@_D_3,J_BC>&O<8
M^MF?./IK&@BR=W00I,G:P4T/:2;H\PSYGL>??A&..W=!FMT\)]>PV:_+D=O&
M/Z;EM-%I3C"'5G#QX;NYMVJ-F6U&UP+R[_'8#ZV,J^YANCG\,-+,?*/!\WKH
M?]T!'>D/NU4!3A1'1)RZ2R^XL)L]HIGE*POX,C4\.+WK;M =='06> 2&S-YQ
MPW)=W06UC#0IFWQSR^PS+E[&(B["(B03^D]]UR4(3,"PMNMVLD$6JBEO*<
MMOE)+7?^EWKDJD6]
&PO=V]R:W-H965TK_Y!WR#_:^UL;Q4GX/$305%<&79
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M?1@1HQ%L$H/O"'UY'K.;!$X0)J$79P6[-_ [;>-J(1N8HP3ONIM4]6-M*]3
M[''F@446>'X!]09@//>B+&-)[(7PHL"+DHW5D\1+[=,U;.;E14;W1R.Z>H_C>'6+^$?XRXJ3ZQ4OUSTWUXZ?ZYZC_F;S
MSQ1[E\K\1^CSTP4]5.Z. :3=&YS"G=<%^:$8&9;O;61%M;B]L *?RU+@A@+<
M[OG))S-TZ'=*MX-?@