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xbrli:shares wfsl:branch wfsl:contract


United States
Securities and Exchange Commission
Washington, D.C. 20549
____________________________________________________________
 FORM 10-K
____________________________________________________________ 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to       

Commission File Number: 001-34654
____________________________________________________________
 WASHINGTON FEDERAL INC
(Exact name of registrant as specified in its charter)
____________________________________________________________

Washington
 
91-1661606
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
425 Pike Street
Seattle
Washington
98101
 
(Address of Principal Executive Offices)
 
(Zip Code)
 

Registrant’s telephone number, including area code: (206624-7930
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, $1.00 par value per share
WAFD
NASDAQ Stock Market
Securities registered pursuant to section 12(g) of the Act:
None
____________________________________ 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes      No  

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes      No  

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer

Non-accelerated filer
Smaller reporting company
 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  




The aggregate market value of the registrant's common stock ("Common Stock") held on March 29, 2019, the last business day of the registrant's second fiscal quarter by non-affiliates was $2,300,567,209 based on the NASDAQ Stock Market closing price of $28.89 per share on that date. This is based on 79,631,956 shares of Common Stock that were issued and outstanding on this date, which excludes 803,261 shares held by all affiliates.

At November 18, 2019, there were 78,448,561 shares of Common Stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents incorporated by reference and the Part of Form 10-K into which the document is incorporated:
(1) Portions of the Registrant’s Annual Report to Shareholders for the fiscal year ended September 30, 2019, are incorporated into Part II, Items 5-8 and Part III, Item 12 of this Form 10-K.
(2) Portions of the Registrant’s definitive proxy statement for its Annual Meeting of Shareholders to be held on January 22, 2020 are incorporated into Part III, Items 10-14 of this Form 10-K.




PART I
Washington Federal, Inc. (the "Company") makes statements in this Annual Report on Form 10-K that constitute forward-looking statements. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “projects” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to help identify such forward-looking statements. These statements are not historical facts, but instead represent current expectations, plans or forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this report, including under Item 1A. “Risk Factors,” and in any of the Company's other subsequent Securities and Exchange Commission filings, which could cause the Company's future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-looking statements:
a deterioration in economic conditions, including declines in the real estate market and home sale volumes and financial stress on borrowers (consumers and businesses) as a result of the uncertain economic environment;
the effects of a severe economic downturn, including high unemployment rates and declines in housing prices and property values, in the Company's primary market areas;
the effects of and changes in monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government;
fluctuations in interest rate risk and changes in market interest rates, including risk related to LIBOR reform;
the Company's ability to make accurate assumptions and judgments about the collectability of its loan portfolio, including the creditworthiness of its borrowers and the value of the assets securing these loans;
legislative and regulatory limitations, including those arising under the Dodd-Frank Act and potential limitations in the manner in which the Company conducts its business and undertake new investments and activities;
the ability of the Company to obtain external financing to fund its operations or obtain this financing on favorable terms;
changes in other economic, competitive, governmental, regulatory and technological factors affecting the Company's markets, operations, pricing, products, services and fees;
the success of the Company at managing the risks involved in the remediation efforts associated with its Bank Secrecy Act program, costs of enhancements to the Bank’s BSA program are greater than anticipated; and governmental authorities undertake enforcement actions or legal proceedings with respect to the Bank’s BSA program beyond those contemplated by the Consent Order, and the potential impact of such matters on the success, timing and ability to pursue the Company’s growth or other business initiatives;
the success of the Company at managing the risks involved in the foregoing and managing its business; and
the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's control.

All forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results over time, or the impact of circumstances arising after the date the forward-looking statement was made.



3



Item 1.
Business

General

Washington Federal Bank, National Association, a federally-insured national bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation (the “Company”), was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms “Washington Federal” or the “Company” refer to the Company and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank, National Association. The Company is headquartered in Seattle, Washington.
The Company's fiscal year end is September 30th. All references to 2019, 2018 and 2017 represent balances as of September 30, 2019September 30, 2018 and September 30, 2017, respectively, or activity for the fiscal years then ended.
The business of the Bank consists primarily of accepting deposits from the general public and investing these funds in loans of various types, including first lien mortgages on single-family dwellings, construction loans, land acquisition and development loans, loans on multi-family, commercial real estate and other income producing properties, home equity loans and business loans. It also invests in certain United States government and agency obligations and other investments permitted by applicable laws and regulations. As of September 30, 2019, Washington Federal Bank has 234 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Through the Bank's subsidiaries, the Company is also engaged in insurance brokerage activities.

The principal sources of funds for the Company's activities are retained earnings, loan repayments, net deposit inflows, repayments and sales of investments and borrowings. Washington Federal's principal sources of revenue are interest on loans and interest and dividends on investments. Its principal expenses are interest paid on deposits, credit costs, general and administrative expenses, interest on borrowings and income taxes.

The Bank is subject to extensive regulation, supervision and examination by the Office of the Comptroller of the Currency ("OCC"), its primary federal regulator, the Consumer Financial Protection Bureau ("CFPB") and the Federal Deposit Insurance Corporation ("FDIC"), which insures its deposits up to applicable limits. The Company, as a bank holding company, is subject to extensive regulation, supervision and examination by the Board of Governors of the Federal Reserve System (" Federal Reserve").

The regulatory structure gives the regulatory authorities extensive discretion in connection with their supervisory and enforcement activities. Any change in such regulation, whether by the OCC, the FDIC, the Federal Reserve, the CFPB or the U.S. Congress, could have a significant impact on the Company and its operations. See “Regulation” section below.

          




4



 
Average Statements of Financial Condition
 
Year Ended September 30,
 
2019
 
2018
 
2017
 
Average
Balance
 
Interest
 
Average
Rate
 
Average
Balance
 
Interest
 
Average
Rate
 
Average
Balance
 
Interest
 
Average
Rate
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans receivable (1)
$
11,814,480

 
$
568,096

 
4.81
%
 
$
11,202,129

 
$
515,807

 
4.60
%
 
$
10,402,346

 
$
470,523

 
4.52
%
Mortgage-backed securities
2,554,653

 
74,485

 
2.92

 
2,543,796

 
70,407

 
2.77

 
2,561,400

 
60,612

 
2.37

Cash and other investment securities (2)
699,340

 
22,290

 
3.19

 
584,145

 
15,456

 
2.65

 
719,175

 
14,187

 
1.97

FHLB & FRB stock
135,346

 
6,595

 
4.87

 
129,382

 
5,413

 
4.18

 
120,725

 
3,596

 
2.98

Total interest-earning assets
15,203,819

 
671,466

 
4.42
%
 
14,459,452

 
607,083

 
4.20
%
 
13,803,646

 
548,918

 
3.98
%
Other assets
1,160,302

 
 
 
 
 
1,155,819

 
 
 
 
 
1,161,408

 
 
 
 
Total assets
$
16,364,121

 
 
 
 
 
$
15,615,271

 
 
 
 
 
$
14,965,054

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
$
11,663,142

 
122,216

 
1.05
%
 
$
11,068,461

 
72,492

 
0.65
%
 
$
10,615,511

 
52,023

 
0.49
%
FHLB advances
2,533,890

 
68,190

 
2.69

 
2,384,795

 
62,452

 
2.62

 
2,167,986

 
64,969

 
3.00

Total interest-bearing liabilities
14,197,032

 
190,406

 
1.34
%
 
13,453,256

 
134,944

 
1.00
%
 
12,783,497

 
116,992

 
0.92
%
Other liabilities
156,557

 
 
 
 
 
155,950

 
 
 
 
 
173,495

 
 
 
 
Total liabilities
14,353,589

 
 
 
 
 
13,609,206

 
 
 
 
 
12,956,992

 
 
 
 
Shareholders’ equity
2,010,532

 
 
 
 
 
2,006,065

 
 
 
 
 
2,008,062

 
 
 
 
Total liabilities and shareholders’ equity
$
16,364,121

 
 
 
 
 
$
15,615,271

 
 
 
 
 
$
14,965,054

 
 
 
 
Net interest income/interest rate spread
 
 
$
481,060

 
3.08
%
 
 
 
$
472,139

 
3.20
%
 
 
 
$
431,926

 
3.06
%
Net interest margin (3)
 
 
 
 
3.16
%
 
 
 
 
 
3.27
%
 
 
 
 
 
3.13
%

   ___________________
(1)
Interest income includes net amortization-accretion of deferred loan fees, costs, discounts and premiums of $14,057,000, $15,199,000 and $19,055,000 for year ended 2019, 2018 and 2017, respectively.
(2)
Includes cash equivalents and non-mortgage backed security investments, such as U.S. agency obligations, mutual funds, corporate bonds, and municipal bonds.
(3)
Net interest income divided by average interest-earning assets.



5



Lending Activities

General. The Company's net portfolio of loans totaled $11,930,575,000 at September 30, 2019 and represents 72.4% of total assets. Lending activities include the origination of loans secured by real estate, including long-term fixed-rate and adjustable-rate mortgage loans, adjustable-rate construction loans, adjustable-rate land development loans, fixed-rate and adjustable-rate multi-family loans, fixed-rate and adjustable-rate commercial real estate loans and fixed-rate and adjustable-rate business loans.

The following table sets forth the composition of the Company’s loan portfolio. 

 
September 30, 2019
September 30, 2018
September 30, 2017
September 30, 2016
September 30, 2015
 
(In thousands)
Gross loans by category
 
 
 
 
 
 
 
 
 
 
   Single-family residential
$
5,835,194

43.8
%
$
5,798,966

45.1
%
$
5,711,004

46.8
%
$
5,658,830

51.7
%
$
5,700,780

58.0
%
   Construction
2,038,052

15.3

1,890,668

14.7

1,597,996

13.1

1,110,411

10.1

200,509

2.0

   Construction - custom
540,741

4.1

624,479

4.9

602,631

4.9

473,069

4.3

396,307

4.0

   Land - acquisition & development
204,107

1.5

155,204

1.2

124,308

1.0

118,497

1.1

98,282

1.0

   Land - consumer lot loans
99,694

0.7

102,036

0.8

104,405

0.9

104,567

1.0

106,815

1.1

   Multi-family
1,422,674

10.7

1,385,125

10.8

1,303,148

10.7

1,124,290

10.3

1,129,437

11.5

   Commercial real estate
1,631,170

12.3

1,452,168

11.3

1,434,610

11.8

1,093,639

10.0

1,186,551

12.1

   Commercial & industrial
1,268,695

9.5

1,140,874

8.9

1,093,360

9.0

978,589

8.9

657,581

6.7

   HELOC
142,178

1.1

130,852

1.0

144,850

1.2

149,716

1.4

149,526

1.5

   Consumer
129,883

1.0

173,306

1.3

85,075

0.7

139,000

1.3

197,482

2.0

Total gross loans
13,312,388

100
%
12,853,678

100
%
12,201,387

100
%
10,950,608

100
%
9,823,270

100
%
   Less:
 
 
 
 
 
 
 
 
 
 
      Allowance for probable losses
131,534

 
129,257

 
123,073

 
113,494

 
106,829

 
      Loans in process
1,201,341

 
1,195,506

 
1,149,934

 
879,484

 
476,796

 
      Net deferred fees, costs and discounts
48,938

 
51,834

 
45,758

 
46,710

 
69,011

 
Total loan contra accounts
1,381,813

 
1,376,597

 
1,318,765

 
1,039,688

 
652,636

 
Net loans
$
11,930,575

 
$
11,477,081

 
$
10,882,622

 
$
9,910,920

 
$
9,170,634

 

 


6




The following table summarizes the Company’s loan portfolio, due for the periods indicated based on contractual terms to maturity or repricing. Amounts are presented prior to deduction of net discounts and premiums, loans in process, deferred net loan origination fees and costs and allowance for loan losses.
 
September 30, 2019
Total
 
Less than
1 Year
 
1 to 5
Years
 
After 5
Years
 
(In thousands)
Single-family residential
$
5,835,194

 
$
152,983

 
$
228,535

 
$
5,453,676

Construction
2,038,052

 
1,827,197

 
57,042

 
153,813

Construction – custom
540,741

 

 
700

 
540,041

Land – acquisition and development
204,107

 
198,909

 
1,815

 
3,383

Land – consumer lot loans
99,694

 
10,725

 
20,754

 
68,215

Multi-family
1,422,674

 
326,178

 
767,519

 
328,977

Commercial real estate
1,631,170

 
665,641

 
543,408

 
422,121

Commercial & industrial
1,268,695

 
849,549

 
173,325

 
245,821

HELOC
142,178

 
140,793

 
1,053

 
332

Consumer
129,883

 
19,689

 
11,320

 
98,874

 
$
13,312,388

 
$
4,191,664

 
$
1,805,471

 
$
7,315,253

The contractual loan payment period for residential mortgage loans originated by the Company normally ranges from 15 to 30 years. Experience during recent years has indicated that, because of prepayments in connection with refinancing and sales of property, residential loans typically have a weighted average life of four to ten years.

The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment.
September 30, 2019
Fixed-Rate
 
Adjustable-Rate
Term To Maturity
Gross Loans
 
Term To Rate Adjustment
Gross Loans
 
(In thousands)
 
 
(In thousands)
Within 1 year
$
135,426

 
Less than 1 year
$
4,056,238

1 to 3 years
416,285

 
1 to 3 years
558,197

3 to 5 years
341,838

 
3 to 5 years
489,151

5 to 10 years
993,685

 
5 to 10 years
110,934

10 to 20 years
1,059,127

 
10 to 20 years
32,242

Over 20 years
5,101,241

 
Over 20 years
18,024

 
$
8,047,602

 
 
$
5,264,786


Lending Programs and Policies. The Bank's lending activities include commercial and consumer loans, including the following loan categories.
Single-family residential loans. The Bank primarily originates 30 year fixed-rate mortgage loans secured by single-family residences. Moreover, it is the Bank's general policy to include in the documentation evidencing its conventional mortgage loans a due-on-sale clause, which facilitates adjustment of interest rates on such loans when the property securing the loan is sold or transferred.
All of the Bank's mortgage lending is subject to written, nondiscriminatory underwriting standards, loan origination procedures and lending policies approved by the Company's Board of Directors (the "Board"). Property valuations are required on all real estate loans. Appraisals are prepared by independent appraisers, reviewed by staff of the Bank, and approved by the Bank's management. Property evaluations are sometimes utilized in lieu of appraisals on single-family real estate loans of $250,000 or less and are reviewed by the Bank's staff. Detailed loan applications are obtained to determine the borrower's ability to repay and the more significant items on these applications are verified through the use of credit reports, financial statements or written confirmations.

7



Depending on the size of the loan involved, a varying number of officers of the Bank must approve the loan application before the loan can be granted. Federal guidelines limit the amount of a real estate loan made to a specified percentage of the value of the property securing the loan, as determined by an evaluation at the time the loan is originated. This is referred to as the loan-to-value ratio. The Board sets the maximum loan-to-value ratios for each type of real estate loan offered by the Bank.
When establishing general reserves for loans with loan-to-value ratios exceeding 80% that are not insured by private mortgage insurance, the Bank considers the additional risk inherent in these products, as well as their relative loan loss experience, and provides reserves when deemed appropriate. The total balance for loans with loan-to-value ratios exceeding 80% at origination as of September 30, 2019, was $403,839,000, with allocated reserves of $7,109,000.
Construction loans. The Bank originates construction loans to finance construction of single-family and multi-family residences as well as commercial properties. Loans made to builders are generally tied to an interest rate index and normally have maturities of two years or less. Loans made to individuals for construction of their home generally are 30 year fixed rate loans. The Bank's policies provide that for residential construction loans, loans may be made for 85% or less of the appraised value of the property upon completion. As a result of activity over the past four decades, the Bank believes that builders of single-family residences in its primary market areas consider it to be a construction lender of choice. Because of this history, the Bank has developed a staff with in-depth land development and construction experience and working relationships with selected builders based on their operating histories and financial stability.
Construction lending involves a higher level of risk than single-family residential lending due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions in the homebuilding industry. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both the estimated cost (including interest) of the project and the property's value at completion of the project.
Land loans. The Bank's land development loans are of a short-term nature and are generally made for 75% or less of the appraised value of the unimproved property. Funds are disbursed periodically at various stages of completion as authorized by the Company's personnel. The interest rate on these loans generally adjusts daily in accordance with a designated index.
Land development loans involve a higher degree of credit risk than long-term financing on owner-occupied real estate. Mitigation of risk of loss on a land development loan is dependent largely upon the accuracy of the initial estimate of the property's value at completion of development compared to the estimated cost (including interest) of development and the financial strength of the borrower.
The Bank's permanent land loans (also called consumer lot loans) are generally made on improved land, with the intent of building a primary or secondary residence. These loans are limited to 80% or less of the appraised value of the property, up to a maximum loan amount of $350,000. The interest rate on permanent land loans is generally fixed for 20 years.
Multi-family residential loans. Multi-family residential (five or more dwelling units) loans generally are secured by multi-family rental properties, such as apartment buildings. In underwriting multi-family residential loans, the Bank considers a number of factors, which include the projected net cash flow to the loan's debt service requirement, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower's experience in owning or managing similar properties. Multi-family residential loans are originated in amounts up to 80% of the appraised value of the property securing the loan.
Loans secured by multi-family residential real estate generally involve a different degree of credit risk than single-family residential loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family mortgages typically depends upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. The Bank seeks to minimize these risks through its underwriting policies, which require such loans to be qualified at origination on the basis of the property's income and debt service ratio.
It is the Bank's policy to obtain title insurance ensuring that it has a valid first lien on the mortgaged real estate serving as collateral for the loan. Borrowers must also obtain hazard insurance prior to closing and, when required by regulation, flood insurance. Borrowers may be required to advance funds on a monthly basis, together with each payment of principal and interest, to a mortgage escrow account from which the Bank makes disbursements for items such as real estate taxes, hazard insurance premiums and private mortgage insurance premiums when due.
Commercial and industrial loans. The Bank makes various types of business loans to customers in its market area for working capital, acquiring real estate, equipment or other business purposes, such as acquisitions. The terms of these loans generally range from less than one year to a maximum of ten years. The loans are either negotiated on a fixed-rate basis or carry adjustable interest rates indexed to the LIBOR rate, prime rate or another market rate.
 

8



Commercial loans are made based upon assessment of the borrower's ability and willingness to repay along with an evaluation of secondary repayment sources such as the value and marketability of collateral. Most such loans are extended to closely held businesses and the personal guaranty of the principals is usually obtained. Commercial loans have a relatively high risk of default compared to residential real estate loans. Pricing of commercial loans is based on the credit risk of the borrower with consideration given to the overall relationship of the borrower, including deposits. The acquisition of business deposits is an important focus of this business line. The Bank provides a full line of treasury management products to support the depository needs of its clients.

Consumer loans. The Bank's non-mortgage consumer loan portfolio consists of prime quality student loans acquired from an independent financial investment firm that retains 1% of each loan, plus various other non-mortgage consumer loans obtained through acquisitions.

Home equity loans. The Bank extends revolving lines of credit to consumers that are secured by a first or second mortgage on a single family residence. The interest rate on these loans adjusts monthly indexed to prime. Total loan-to-value ratios when combined with any underlying first liens are limited to 80% or less. Loan terms are a ten year draw period followed by a fifteen year amortization period.
Origination and Purchase of Loans. The Bank has general authority to lend anywhere in the United States; however, its primary lending areas are within the states of Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Loan originations come from a variety of sources. Residential loan originations result from referrals from real estate brokers, walk-in customers, purchasers of property in connection with builder projects that are financed by the Bank, mortgage brokers and refinancings for existing customers. Business purpose loans are obtained primarily by direct solicitation of borrowers and ongoing relationships.

The Bank also purchases loans and mortgage-backed securities when lending rates and mortgage volume for new loan originations in its market area do not fulfill its needs. Over the past few years, single-family residential loan originations were lower than historical levels due to the low interest rate environment and excessive government participation in the mortgage market.

The table below shows the Company's total loan origination, purchase and repayment activities.

Twelve Months Ended September 30,
2019

2018

2017

2016

2015
 
(In thousands)
Loans originated (1):
 
 
 
 
 
 
 
 
 
Single-family residential
$
547,057

 
$
621,431

 
$
757,116

 
$
692,575

 
$
705,741

Construction
1,271,167

 
1,068,443

 
1,081,464

 
900,649

 
263,532

Construction – custom
457,328

 
523,951

 
530,435

 
421,816

 
365,220

Land – acquisition & development
123,758

 
85,208

 
79,876

 
59,511

 
78,818

Land – consumer lot loans
37,125

 
33,820

 
39,151

 
29,661

 
21,422

Multi-family
210,589

 
272,046

 
299,359

 
361,261

 
349,442

Commercial real estate
343,172

 
274,242

 
443,687

 
353,265

 
600,610

Commercial & industrial
1,020,296

 
869,337

 
931,840

 
1,051,950

 
642,309

HELOC
101,399

 
82,508

 
72,913

 
74,538

 
74,455

Consumer
8,580

 
3,008

 
3,137

 
3,308

 
1,966

Total loans originated
4,120,471

 
3,833,994

 
4,238,978

 
3,948,534

 
3,103,515

Loans purchased (2)

 
143,605

 
72,856

 
105,420

 
279,936

Loan principal repayments
(3,638,622
)
 
(3,335,896
)
 
(3,099,851
)
 
(2,935,167
)
 
(2,418,547
)
Net change in loans in process, discounts, etc. (3)
(28,355
)
 
(47,244
)
 
(240,281
)
 
(378,501
)
 
(119,068
)
Net loan activity increase (decrease)
$
453,494

 
$
594,459

 
$
971,702

 
$
740,286

 
$
845,836

 
 
 
 
 
 
 
 
 
 
Beginning balance
$
11,477,081

 
$
10,882,622

 
$
9,910,920

 
$
9,170,634

 
$
8,324,798

Ending balance
$
11,930,575

 
$
11,477,081

 
$
10,882,622

 
$
9,910,920

 
$
9,170,634

 ___________________
(1)
Includes undisbursed loan in process and for years prior to 2016 does not include savings account loans, which were not material during the periods indicated.
(2)
Includes non-covered loans acquired through acquisitions and whole loan purchases.
(3)
Includes non-cash transactions.

9




Interest Rates, Loan Fees and Service Charges. Interest rates charged by the Bank on mortgage loans are primarily determined by the competitive loan rates offered in its lending areas and in the secondary market. Mortgage loan rates reflect factors such as general interest rates, the supply of money available to the industry and the demand for such loans. General economic conditions, the regulatory programs and policies of federal and state agencies, including the FRB’s monetary policies, changes in tax laws and governmental budgetary programs influence these factors.
The Bank receives fees for originating loans in addition to various fees and charges related to existing loans, including prepayment charges, late charges and assumption fees. In making one-to-four- family home mortgage loans, the Bank normally charges an origination fee and as part of the loan application, the borrower pays the Bank for out-of-pocket costs, such as the appraisal fee, whether or not the borrower closes the loan. The interest rate charged is normally the prevailing rate at the time the loan application is approved and accepted. In the case of construction loans, the Bank normally charges an origination fee. Loan origination fees and other terms of multi-family residential loans are individually negotiated.
Non-Performing Assets. When a borrower violates a condition of a loan, the Bank attempts to cure the default by contacting the borrower. In most cases, defaults are cured promptly. If the default is not cured within an appropriate time frame, typically 90 days, the Bank may institute appropriate action to collect the loan, such as making demand for payment or initiating foreclosure proceedings on the collateral. If foreclosure occurs, the collateral will typically be sold at public auction and may be purchased by the Bank.
Loans are placed on nonaccrual status when, in the judgment of management, the probability of collecting interest or principal is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days past due or more. See Note A to the Consolidated Financial Statements included in Item 8 hereof for additional information.
The Bank will consider modifying the interest rate and terms of a loan if it determines that a modification is deemed to be the best option available for collection in full or to minimize the loss to the Bank. Most loans restructured in troubled debt restructurings ("TDRs") are accruing and performing loans where the borrower has proactively approached the Bank about a modification due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The modification of these loans is typically a payment reduction through a rate reduction of from 100 to 200 bps for a specific term, usually six to twelve months. Interest-only payments may also be approved during the modification period. Principal forgiveness generally is not an available option for restructured loans. As of September 30, 2019, single-family residential loans comprised 92.0% of restructured loans. The Bank reserves for restructured loans within its allowance for loan loss methodology by taking into account the following performance indicators: 1) time since modification, 2) current payment status and 3) geographic market conditions.
Real estate acquired by foreclosure or deed-in-lieu thereof (“REO” or “Real Estate Owned”) is classified as real estate held for sale. When property is acquired, it is recorded at the fair market value less estimated selling costs at the date of acquisition. Interest accrual ceases on the date of acquisition and all costs incurred in maintaining the property from that date forward are expensed as incurred. Costs incurred for the improvement or development of such property is capitalized. See Note A to the Consolidated Financial Statements included in Item 8 hereof for additional information.

10



The following table sets forth information regarding the Company's restructured and non-accrual loans and REO.
 
September 30,
2019

2018

2017

2016

2015
 
(In thousands)
Performing restructured loans
$
116,659

 
$
150,667

 
$
202,272

 
$
251,583

 
$
289,587

Non-performing restructured loans
5,018

 
6,191

 
5,105

 
9,948

 
13,126

Total restructured loans
121,677

 
156,858

 
207,377

 
261,531

 
302,713

Non-accrual loans:
 
 
 
 
 
 
 
 
 
Single-family residential
25,271

 
27,643

 
27,930

 
33,148

 
59,074

Construction

 
2,427

 

 

 
754

Construction – custom

 

 
91

 

 
732

Land – acquisition & development
169

 
920

 
296

 
58

 

Land – consumer lot loans
246

 
787

 
605

 
510

 
1,273

Multi-family

 

 
139

 
776

 
2,558

Commercial real estate
5,835

 
8,971

 
11,815

 
7,100

 
2,176

Commercial & industrial
1,292