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Loans Receivable | 9 Months Ended
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Jun. 30, 2019
Receivables [Abstract] |
Loans Receivable | Loans Receivable The following table is a summary of loans receivable.
| June 30, 2019 |  | September 30, 2018
| (In thousands) |  | (In thousands)
Gross loans by category |  |  |  |  |
Single-family residential | $ | 5,873,583 |  | 44.1 | % |  | $ | 5,798,966 |  | 45.1 | %
Construction | 1,997,236 |  | 15.0 |  |  | 1,890,668 |  | 14.7 |
Construction - custom | 570,897 |  | 4.3 |  |  | 624,479 |  | 4.9 |
Land - acquisition & development | 203,086 |  | 1.5 |  |  | 155,204 |  | 1.2 |
Land - consumer lot loans | 95,227 |  | 0.7 |  |  | 102,036 |  | 0.8 |
Multi-family | 1,403,142 |  | 10.5 |  |  | 1,385,125 |  | 10.8 |
Commercial real estate | 1,622,943 |  | 12.2 |  |  | 1,452,168 |  | 11.3 |
Commercial & industrial | 1,256,398 |  | 9.4 |  |  | 1,140,874 |  | 8.9 |
HELOC | 139,914 |  | 1.0 |  |  | 130,852 |  | 1.0 |
Consumer | 142,317 |  | 1.1 |  |  | 173,306 |  | 1.3 |
Total gross loans | 13,304,743 |  | 100 | % |  | 12,853,678 |  | 100 | %
Less: |  |  |  |  |
Allowance for loan losses | 134,022 |  |  |  | 129,257 |  |
Loans in process | 1,148,876 |  |  |  | 1,195,506 |  |
Net deferred fees, costs and discounts | 47,312 |  |  |  | 51,834 |  |
Total loan contra accounts | 1,330,210 |  |  |  | 1,376,597 |  |
Net loans | $ | 11,974,533 |  |  |  | $ | 11,477,081 |  |
The following table sets forth information regarding non-accrual loans.
| June 30, 2019 |  | September 30, 2018
| (In thousands, except ratio data)
Non-accrual loans: |  |  |  |  |  |  |
Single-family residential | $ | 22,285 |  |  | 54.3 | % |  | $ | 27,643 |  |  | 49.6 | %
Construction | — |  |  | — |  |  | 2,427 |  |  | 4.4 |
Construction - custom | 1,161 |  |  | 2.8 |  |  | — |  |  | — |
Land - acquisition & development | 173 |  |  | 0.4 |  |  | 920 |  |  | 1.7 |
Land - consumer lot loans | 641 |  |  | 1.6 |  |  | 787 |  |  | 1.4 |
Multi-family | 1,431 |  |  | 3.5 |  |  | — |  |  | — |
Commercial real estate | 8,464 |  |  | 20.6 |  |  | 8,971 |  |  | 16.1 |
Commercial & industrial | 6,047 |  |  | 14.7 |  |  | 14,394 |  |  | 25.8 |
HELOC | 803 |  |  | 2.0 |  |  | 523 |  |  | 0.9 |
Consumer | — |  |  | — |  |  | 21 |  |  | — |
Total non-accrual loans | $ | 41,005 |  |  | 100 | % |  | $ | 55,686 |  |  | 100 | %
% of total net loans | 0.34 | % |  |  |  | 0.49 | % |  |
The Company recognized interest income on non-accrual loans of approximately $2,663,000 in the nine months ended June 30, 2019. Had these loans been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $1,624,000 for the nine months ended June 30, 2019. Recognized interest income for the nine months ended June 30, 2019 was higher than what otherwise would have been collected in the period due to the collection of past due amounts. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off. The following tables provide details regarding delinquent loans.
June 30, 2019 | Loans Receivable |  | Days Delinquent Based on $ Amount of Loans |  | % based on $
Type of Loan | Net of Loans In Process |  | Current |  | 30 |  | 60 |  | 90 |  | Total Delinquent |
| (In thousands, except ratio data) |  |
Single-family residential | $ | 5,872,750 |  |  | $ | 5,846,159 |  |  | $ | 6,290 |  |  | $ | 5,081 |  |  | $ | 15,220 |  |  | $ | 26,591 |  |  | 0.45 | %
Construction | 1,168,667 |  |  | 1,168,667 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction - custom | 294,224 |  |  | 293,063 |  |  | — |  |  | — |  |  | 1,161 |  |  | 1,161 |  |  | 0.39 |
Land - acquisition & development | 160,383 |  |  | 160,383 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land - consumer lot loans | 95,150 |  |  | 93,829 |  |  | 813 |  |  | 173 |  |  | 335 |  |  | 1,321 |  |  | 1.39 |
Multi-family | 1,403,120 |  |  | 1,401,689 |  |  | — |  |  | — |  |  | 1,431 |  |  | 1,431 |  |  | 0.10 |
Commercial real estate | 1,622,944 |  |  | 1,618,544 |  |  | 289 |  |  | 1,535 |  |  | 2,576 |  |  | 4,400 |  |  | 0.27 |
Commercial & industrial | 1,256,398 |  |  | 1,250,654 |  |  | 86 |  |  | 1,326 |  |  | 4,332 |  |  | 5,744 |  |  | 0.46 |
HELOC | 139,914 |  |  | 138,400 |  |  | 743 |  |  | 183 |  |  | 588 |  |  | 1,514 |  |  | 1.08 |
Consumer | 142,317 |  |  | 141,820 |  |  | 129 |  |  | 238 |  |  | 130 |  |  | 497 |  |  | 0.35 |
Total Loans | $ | 12,155,867 |  |  | $ | 12,113,208 |  |  | $ | 8,350 |  |  | $ | 8,536 |  |  | $ | 25,773 |  |  | $ | 42,659 |  |  | 0.35 | %
Delinquency % |  |  | 99.65% |  | 0.07% |  | 0.07% |  | 0.21% |  | 0.35% |  |
September 30, 2018 | Loans Receivable |  | Days Delinquent Based on $ Amount of Loans |  | % based on $
Type of Loan | Net of Loans In Process |  | Current |  | 30 |  | 60 |  | 90 |  | Total Delinquent |
| (In thousands, except ratio data) |  |
Single-family residential | $ | 5,798,353 |  |  | $ | 5,768,253 |  |  | $ | 7,983 |  |  | $ | 3,562 |  |  | $ | 18,555 |  |  | $ | 30,100 |  |  | 0.52 | %
Construction | 1,062,855 |  |  | 1,060,428 |  |  | — |  |  | — |  |  | 2,427 |  |  | 2,427 |  |  | 0.23 |
Construction - custom | 289,192 |  |  | 289,192 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 123,560 |  |  | 122,620 |  |  | — |  |  | 270 |  |  | 670 |  |  | 940 |  |  | 0.76 |
Land - consumer lot loans | 101,908 |  |  | 101,294 |  |  | 144 |  |  | 117 |  |  | 353 |  |  | 614 |  |  | 0.60 |
Multi-family | 1,385,103 |  |  | 1,385,103 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate | 1,452,169 |  |  | 1,448,946 |  |  | 316 |  |  | 1,767 |  |  | 1,140 |  |  | 3,223 |  |  | 0.22 |
Commercial & industrial | 1,140,874 |  |  | 1,130,836 |  |  | — |  |  | — |  |  | 10,038 |  |  | 10,038 |  |  | 0.88 |
HELOC | 130,852 |  |  | 129,510 |  |  | 567 |  |  | 469 |  |  | 306 |  |  | 1,342 |  |  | 1.03 |
Consumer | 173,306 |  |  | 172,777 |  |  | 172 |  |  | 328 |  |  | 29 |  |  | 529 |  |  | 0.31 |
Total Loans | $ | 11,658,172 |  |  | $ | 11,608,959 |  |  | $ | 9,182 |  |  | $ | 6,513 |  |  | $ | 33,518 |  |  | $ | 49,213 |  |  | 0.42 | %
Delinquency % |  |  | 99.58% |  | 0.08% |  | 0.06% |  | 0.29% |  | 0.42% |  |
There are no loans greater than 90 days delinquent and still accruing interest as of either date. The following tables provide information related to loans restructured in a troubled debt restructuring ("TDR") during the periods presented.
| Three Months Ended June 30,
| 2019 |  | 2018
|  |  | Pre-Modification |  | Post-Modification |  |  |  | Pre-Modification |  | Post-Modification
|  |  | Outstanding |  | Outstanding |  |  |  | Outstanding |  | Outstanding
| Number of |  | Recorded |  | Recorded |  | Number of |  | Recorded |  | Recorded
| Contracts |  | Investment |  | Investment |  | Contracts |  | Investment |  | Investment
|  |  | ($ in thousands) |  |  |  | ($ in thousands)
Troubled Debt Restructurings: |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 3 |  |  | $ | 619 |  |  | $ | 619 |  |  | 5 |  |  | $ | 714 |  |  | $ | 714 |
HELOC | — |  |  | — |  |  | — |  |  | 1 |  |  | 75 |  |  | 75 |
| 3 |  |  | $ | 619 |  |  | $ | 619 |  |  | 6 |  |  | $ | 789 |  |  | $ | 789 |
| Nine Months Ended June 30,
| 2019 |  | 2018
|  |  | Pre-Modification |  | Post-Modification |  |  |  | Pre-Modification |  | Post-Modification
|  |  | Outstanding |  | Outstanding |  |  |  | Outstanding |  | Outstanding
| Number of |  | Recorded |  | Recorded |  | Number of |  | Recorded |  | Recorded
| Contracts |  | Investment |  | Investment |  | Contracts |  | Investment |  | Investment
|  |  | ($ in thousands) |  |  |  | ($ in thousands)
Troubled Debt Restructurings: |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 6 |  |  | $ | 942 |  |  | $ | 942 |  |  | 25 |  |  | $ | 4,909 |  |  | $ | 4,909 |
Land - consumer lot loans | 1 |  |  | 40 |  |  | 40 |  |  | — |  |  | — |  |  | — |
Commercial & Industrial | — |  |  | — |  |  | — |  |  | 3 |  |  | 7,256 |  |  | 7,256 |
HELOC | — |  |  | — |  |  | — |  |  | 1 |  |  | 75 |  |  | 75 |
| 7 |  |  | $ | 982 |  |  | $ | 982 |  |  | 29 |  |  | $ | 12,240 |  |  | $ | 12,240 |
The following tables provide information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default.
| Three Months Ended June 30,
| 2019 |  | 2018
| Number of |  | Recorded |  | Number of |  | Recorded
| Contracts |  | Investment |  | Contracts |  | Investment
| ($ in thousands) |  | ($ in thousands)
Trouble Debt Restructurings That Subsequently Defaulted: |  |  |  |  |  |  |
| None |  | None
| Nine Months Ended June 30,
| 2019 |  | 2018
| Number of |  | Recorded |  | Number of |  | Recorded
| Contracts |  | Investment |  | Contracts |  | Investment
| ($ in thousands) |  | ($ in thousands)
Trouble Debt Restructurings That Subsequently Defaulted: |  |  |  |  |  |  |
Single-family residential | 5 |  |  | $ | 1,298 |  |  | 2 |  |  | $ | 206 |
| 5 |  |  | $ | 1,298 |  |  | 2 |  |  | $ | 206 |
Most loans restructured in TDRs are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. As of June 30, 2019, 96.3% of the Company's $128,858,000 in TDRs were classified as performing. Each request for modification is individually evaluated for merit and likelihood of success. The concession granted in a loan modification is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twenty four months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of June 30, 2019, single-family residential loans comprised 91.5% of TDRs. The Company 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 area.

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