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Loans Receivable

9 Months Ended

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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- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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