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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Summary of major sources of temporary differences and deferred tax effects

The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits.

	September 30, 2019			September 30, 2018
	(In thousands)
Deferred tax assets
Loan loss reserves	$	31,494		$	31,055
REO reserves	255			518
Non-accrual loan interest	891			877
Federal and state tax credits	537			1,074
Deferred compensation	3,022			3,165
Stock based compensation	1,876			1,677
Other	2,081			1,747
Total deferred tax assets	40,156			40,113
Deferred tax liabilities
FHLB stock dividends	14,478			14,941
Valuation adjustment on available-for-sale securities and cash flow hedges	4,503			2,442
Loan origination fees and costs	8,385			9,285
Premises and equipment	25,399			23,429
Other	2,851			1,828
Total deferred tax liabilities	55,616			51,925
Net deferred tax asset (liability)	(15,460		)	(11,812		)
Current tax asset (liability)	10,356			13,616
Net tax asset (liability)	$	(5,104	)	$	1,804

Schedule of effective income tax rate reconciliation

The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate.

Year ended September 30,	2019		2018		2017
Statutory income tax rate	21	%	25	%	35	%
State income tax	2		2		1
Impact of change in Federal income tax rate	—		(2	)	—
Other differences	(3	)	(4	)	(4	)
Effective income tax rate	20	%	21	%	32	%

Schedule of components of income tax expense (benefit)

The following table summarizes the Company's income tax expense (benefit) for the respective periods.

Year ended September 30,	2019			2018			2017
	(In thousands)
Federal:
Current	$	46,376		$	40,314		$	87,804
Deferred	1,916			8,952			(10,142		)
	48,292			49,266			77,662
State:
Current	$	4,557		$	4,243		$	4,991
Deferred	(330		)	(116		)	31
	4,227			4,127			5,022
Total
Current	50,933			44,557			92,795
Deferred	1,586			8,836			(10,111		)
	$	52,519		$	53,393		$	82,684

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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