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Loans Receivable (Tables)

9 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loans Receivable

The following table is a summary of loans receivable by loan portfolio segment and class.

			June 30, 2022									September 30, 2021
			(In thousands)									(In thousands)
Commercial loans
Multi-family			$	2,494,594		13.2		%				$	2,291,477		14.0		%
Commercial real estate			2,899,057			15.3						2,443,845			15.0
Commercial & industrial (1)			2,351,030			12.4						2,314,654			14.2
Construction			3,896,740			20.6						2,888,214			17.7
Land - acquisition & development			245,233			1.3						222,457			1.4
Total commercial loans			11,886,654			62.9						10,160,647			62.3
Consumer loans
Single-family residential			5,652,897			29.9						4,951,627			30.4
Construction - custom			943,858			5.0						783,221			4.8
Land - consumer lot loans			158,485			0.8						149,956			0.9
HELOC			185,427			1.0						165,989			1.0
Consumer			73,044			0.4						87,892			0.5
Total consumer loans			7,013,711			37.1						6,138,685			37.7
Total gross loans			18,900,365			100		%				16,299,332			100		%
Less:
Allowance for credit losses on loans			170,979									171,300
Loans in process			3,083,573									2,232,836
Net deferred fees, costs and discounts			80,648									61,626
Total loan contra accounts			3,335,200									2,465,762
Net loans			$	15,565,165								$	13,833,570

(1) Includes $55 million and $312 million of Small Business Administration’s Paycheck Protection Program ("PPP") loans as of June 30, 2022 and September 30, 2021, respectively.

Non-accrual Loans and Loans 90 Days or More Past Due and Accruing

The following table sets forth the amortized cost basis of non-accrual loans and loans 90 days or more past due and accruing.

 

			June 30, 2022																		September 30, 2021
			(In thousands, except ratio data)
			Non-accrual						Non-accrual with no ACL (2)						90 days or more past due and accruing (1)						Non-accrual						Non-accrual with no ACL						90 days or more past due and accruing
Commercial loans
Multi-family			$	5,944					$	—					$	—					$	475					$	—					$	—
Commercial real estate			5,024						—						—						8,038						—						—
Commercial & industrial			4,288						754						11,439						365						30						—
Construction			—						—						—						505						—						—
Land - acquisition & development			—						—						—						2,340						—						—
Total commercial loans			15,256						754						11,439						11,723						30						—
Consumer loans
Single-family residential			20,184						—						—						19,320						—						—
Construction - custom			900						—						—						—						—						—
Land - consumer lot loans			213						—						—						359						—						—
HELOC			91						—						—						287						—						—
Consumer			35						—						—						60						—						—
Total consumer loans			21,423						—						—						20,026						—						—
Total non-accrual loans			$	36,679					$	754					$	11,439					$	31,749					$	30					$	—
% of total loans			0.23		%																0.23		%

(1) $10 million of this amount is comprised of one government guaranteed SBA PPP loan for which the entire balance was forgiven by the SBA subsequent to the June 30, 2022 quarter end.

(2) Amounts in the 'Non-Accrual with no ACL' column are a subset of the amounts in the 'Non-accrual' column

Loan Delinquencies by Loan Portfolio and Class

The following tables provide details regarding loan delinquencies by loan portfolio and class.

 

June 30, 2022									Days Delinquent Based on $ Amount of Loans																														% based on $
Type of Loan			Loans Receivable (Amortized Cost)						Current						30						60						90						Total Delinquent
			(In thousands, except ratio data)
Commercial Loans
Multi-family			$	2,478,932					$	2,478,932					$	—					$	—					$	—					$	—					—		%
Commercial real estate			2,876,995						2,876,644						—						—						351						351						0.01
Commercial & industrial (1)			2,344,046						2,327,625						369						359						15,693						16,421						0.70
Construction			1,407,211						1,407,211						—						—						—						—						—
Land - acquisition & development			222,974						222,974						—						—						—						—						—
Total commercial loans			9,330,158						9,313,386						369						359						16,044						16,772						0.18
Consumer Loans
Single-family residential			5,619,448						5,597,259						4,611						1,533						16,045						22,189						0.39
Construction - custom			368,839						367,939						—						—						900						900						0.24
Land - consumer lot loans			157,076						156,693						206						—						177						383						0.24
HELOC			187,469						187,267						103						16						83						202						0.11
Consumer			73,154						72,902						130						63						59						252						0.34
Total consumer loans			6,405,986						6,382,060						5,050						1,612						17,264						23,926						0.37
Total Loans			$	15,736,144					$	15,695,446					$	5,419					$	1,971					$	33,308					$	40,698					0.26		%
Delinquency %									99.74%						0.03%						0.01%						0.21%						0.26%

(1) $10 million of the 90 days past due amount for this loan class is comprised of one government guaranteed SBA PPP loan for which the entire balance was forgiven by the SBA subsequent to the June 30, 2022 quarter end.

September 30, 2021									Days Delinquent Based on $ Amount of Loans																														% based on $
Type of Loan			Loans Receivable (Amortized Cost)						Current						30						60						90						Total Delinquent
			(In thousands, except ratio data)
Commercial Loans
Multi-family			$	2,273,689					$	2,273,214					$	—					$	—					$	475					$	475					0.02		%
Commercial real estate			2,429,332						2,428,014						971						64						283						1,318						0.05
Commercial & industrial			2,303,927						2,303,605						—						—						322						322						0.01
Construction			1,117,227						1,117,186						—						—						41						41						—
Land - acquisition & development			192,416						190,076						—						—						2,340						2,340						1.22
Total commercial loans			8,316,591						8,312,095						971						64						3,461						4,496						0.05
Consumer Loans
Single-family residential			4,937,064						4,915,749						3,627						2,165						15,523						21,315						0.43
Construction - custom			347,752						347,752						—						—						—						—						—
Land - consumer lot loans			148,534						147,952						5						307						270						582						0.39
HELOC			166,940						166,627						47						—						266						313						0.19
Consumer			87,989						87,727						152						59						51						262						0.30
Total consumer loans			5,688,279						5,665,807						3,831						2,531						16,110						22,472						0.40
Total Loans			$	14,004,870					$	13,977,902					$	4,802					$	2,595					$	19,571					$	26,968					0.19		%
Delinquency %									99.81%						0.03%						0.02%						0.14%						0.19%

Summary of Loans Based on Credit Quality Indicators

The following tables present by primary credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2022.

			Term Loans Amortized Cost Basis by Origination Year
			YTD 2022			2021			2020			2019			2018			Prior to 2018			Revolving Loans			Revolving to Term Loans			Total Loans
Commercial loans
Multi-family
Pass			$	584,451		$	717,886		$	463,720		$	140,499		$	162,319		$	373,585		$	26,562		$	—		$	2,469,022
Substandard			—			—			1,738			—			6,592			1,580			—			—			9,910
Total			$	584,451		$	717,886		$	465,458		$	140,499		$	168,911		$	375,165		$	26,562		$	—		$	2,478,932
Commercial real estate
Pass			$	605,412		$	678,619		$	432,194		$	273,116		$	243,378		$	549,589		$	2,942		$	—		$	2,785,250
Substandard			262			—			5,119			66,309			4,895			14,080			1,080			—			91,745
Total			$	605,674		$	678,619		$	437,313		$	339,425		$	248,273		$	563,669		$	4,022		$	—		$	2,876,995
Commercial & industrial
Pass			$	197,991		$	476,441		$	152,423		$	43,441		$	25,837		$	233,135		$	1,068,341		$	217		$	2,197,826
Special Mention			2,506			—			—			—			—			—			30,283			—			32,789
Substandard			2,045			12,935			19,866			5,603			4,388			1,983			66,611			—			113,431
Total			$	202,542		$	489,376		$	172,289		$	49,044		$	30,225		$	235,118		$	1,165,235		$	217		$	2,344,046
Construction
Pass			$	381,073		$	623,971		$	252,391		$	70,014		$	374		$	16,316		$	60,816		$	—		$	1,404,955
Substandard			—			2,256			—			—			—			—			—			—			2,256
Total			$	381,073		$	626,227		$	252,391		$	70,014		$	374		$	16,316		$	60,816		$	—		$	1,407,211
Land - acquisition & development
Pass			$	83,037		$	73,788		$	20,398		$	4,126		$	10,444		$	28,581		$	2,600		$	—		$	222,974
Total			$	83,037		$	73,788		$	20,398		$	4,126		$	10,444		$	28,581		$	2,600		$	—		$	222,974
Total commercial loans
Pass			$	1,851,964		$	2,570,705		$	1,321,126		$	531,196		$	442,352		$	1,201,206		$	1,161,261		$	217		$	9,080,027
Special Mention			2,506			—			—			—			—			—			30,283			—			32,789
Substandard			2,307			15,191			26,723			71,912			15,875			17,643			67,691			—			217,342
Total			$	1,856,777		$	2,585,896		$	1,347,849		$	603,108		$	458,227		$	1,218,849		$	1,259,235		$	217		$	9,330,158

			Term Loans Amortized Cost Basis by Origination Year
			YTD 2022			2021			2020			2019			2018			Prior to 2018			Revolving Loans			Revolving to Term Loans			Total Loans
Consumer loans
Single-family residential
Current			$	1,008,103		$	1,566,179		$	780,090		$	331,798		$	286,311		$	1,624,778		$	—		$	—		$	5,597,259
30 days past due			2,601			—			—			78			—			1,932			—			—			4,611
60 days past due			—			—			696			59			—			778			—			—			1,533
90+ days past due			—			775			—			699			57			14,514			—			—			16,045
Total			$	1,010,704		$	1,566,954		$	780,786		$	332,634		$	286,368		$	1,642,002		$	—		$	—		$	5,619,448
Construction - custom
Current			$	125,662		$	223,181		$	17,212		$	1,154		$	730		$	—		$	—		$	—		$	367,939
90+ days past due			—			435			465			—			—			—			—			—			900
Total			$	125,662		$	223,616		$	17,677		$	1,154		$	730		$	—		$	—		$	—		$	368,839
Land - consumer lot loans
Current			$	49,972		$	65,286		$	18,076		$	5,825		$	3,464		$	14,070		$	—		$	—		$	156,693
30 days past due			—			—			206			—			—			—			—			—			206
90+ days past due			—			—			—			—			—			177			—			—			177
Total			$	49,972		$	65,286		$	18,282		$	5,825		$	3,464		$	14,247		$	—		$	—		$	157,076
HELOC
Current			$	—		$	—		$	—		$	—		$	—		$	4,794		$	182,091		$	382		$	187,267
30 days past due			—			—			—			—			—			—			103			—			103
60 days past due			—			—			—			—			—			—			7			9			16
90+ days past due			—			—			—			—			—			—			83			—			83
Total			$	—		$	—		$	—		$	—		$	—		$	4,794		$	182,284		$	391		$	187,469
Consumer
Current			$	647		$	10,251		$	8,049		$	299		$	25,482		$	7,128		$	21,046		$	—		$	72,902
30 days past due			—			—			—			5			—			123			2			—			130
60 days past due			—			—			—			—			—			63			—			—			63
90+ days past due			1			—			—			33			—			25			—			—			59
Total			$	648		$	10,251		$	8,049		$	337		$	25,482		$	7,339		$	21,048		$	—		$	73,154
Total consumer loans
Current			$	1,184,384		$	1,864,897		$	823,427		$	339,076		$	315,987		$	1,650,770		$	203,137		$	382		$	6,382,060
30 days past due			2,601			—			206			83			—			2,055			105			—			5,050
60 days past due			—			—			696			59			—			841			7			9			1,612
90+ days past due			1			1,210			465			732			57			14,716			83			—			17,264
Total			$	1,186,986		$	1,866,107		$	824,794		$	339,950		$	316,044		$	1,668,382		$	203,332		$	391		$	6,405,986

The following tables provide the amortized cost of loans receivable based on risk rating categories as previously defined.

June 30, 2022			Internally Assigned Grade
			Pass						Special mention						Substandard						Doubtful						Loss						Total
			(In thousands, except ratio data)
Loan type
Commercial loans
Multi-family			$	2,469,022					$	—					$	9,910					$	—					$	—					$	2,478,932
Commercial real estate			2,785,250						—						91,745						—						—						2,876,995
Commercial & industrial			2,197,826						32,789						113,431						—						—						2,344,046
Construction			1,404,955						—						2,256						—						—						1,407,211
Land - acquisition & development			222,974						—						—						—						—						222,974
Total commercial loans			9,080,027						32,789						217,342						—						—						9,330,158
Consumer loans
Single-family residential			5,595,898						—						23,550						—						—						5,619,448
Construction - custom			367,939						—						900						—						—						368,839
Land - consumer lot loans			156,864						—						212						—						—						157,076
HELOC			187,378						—						91						—						—						187,469
Consumer			73,142						—						12						—						—						73,154
Total consumer loans			6,381,221						—						24,765						—						—						6,405,986
Total			$	15,461,248					$	32,789					$	242,107					$	—					$	—					$	15,736,144
Total grade as a % of total loans			98.25		%				0.21		%				1.54		%				—		%				—		%

September 30, 2021			Internally Assigned Grade
			Pass						Special mention						Substandard						Doubtful						Loss						Total
			(In thousands, except ratio data)
Loan type
Commercial loans
Multi-family			$	2,252,395					$	4,874					$	16,420					$	—					$	—					$	2,273,689
Commercial real estate			2,174,386						57,625						197,321						—						—						2,429,332
Commercial & industrial			2,108,152						48,124						147,651						—						—						2,303,927
Construction			1,115,791						931						505						—						—						1,117,227
Land - acquisition & development			190,076						—						2,340						—						—						192,416
Total commercial loans			7,840,800						111,554						364,237						—						—						8,316,591
Consumer loans
Single-family residential			4,915,106						—						21,958						—						—						4,937,064
Construction - custom			347,752						—						—						—						—						347,752
Land - consumer lot loans			148,010						—						524						—						—						148,534
HELOC			166,652						—						288						—						—						166,940
Consumer			87,962						—						27						—						—						87,989
Total consumer loans			5,665,482						—						22,797						—						—						5,688,279
Total loans			$	13,506,282					$	111,554					$	387,034					$	—					$	—					$	14,004,870
Total grade as a % of total loans			96.44		%				0.80		%				2.76		%				—		%				—		%

The following tables provide information on amortized cost of loans receivable based on borrower payment activity.

June 30, 2022			Performing Loans												Non-Performing Loans
			Amount						% of Total Loans						Amount						% of Total Loans
			(In thousands, except ratio data)
Commercial loans
Multi-family			$	2,472,988					99.8		%				$	5,944					0.2		%
Commercial real estate			2,871,971						99.8						5,024						0.2
Commercial & industrial			2,339,758						99.8						4,288						0.2
Construction			1,407,211						100.0						—						0.0
Land - acquisition & development			222,974						100.0						—						—
Total commercial loans			9,314,902						99.8						15,256						0.2
Consumer loans
Single-family residential			5,599,264						99.6						20,184						0.4
Construction - custom			367,939						99.8						900						0.2
Land - consumer lot loans			156,863						99.9						213						0.1
HELOC			187,378						100.0						91						—
Consumer			73,119						100.0						35						0.0
Total consumer loans			6,384,563						99.7						21,423						0.3
Total loans			$	15,699,465					99.8		%				$	36,679					0.2		%

September 30, 2021			Performing Loans												Non-Performing Loans
			Amount						% of Total Loans						Amount						% of Total Loans
			(In thousands, except ratio data)
Commercial loans
Multi-family			$	2,273,214					100.0		%				$	475					—		%
Commercial real estate			2,421,294						99.7						8,038						0.3
Commercial & industrial			2,303,562						100.0						365						—
Construction			1,116,722						100.0						505						—
Land - acquisition & development			190,076						98.8						2,340						1.2
Total commercial loans			8,304,868						99.9						11,723						0.1
Consumer loans
Single-family residential			4,917,744						99.6						19,320						0.4
Construction - custom			347,752						100.0						—						—
Land - consumer lot loans			148,175						99.8						359						0.2
HELOC			166,653						99.8						287						0.2
Consumer			87,929						99.9						60						0.1
Total consumer loans			5,668,253						99.6						20,026						0.4
Total loans			$	13,973,121					99.8		%				$	31,749					0.2		%

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

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X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

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No definition available.

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 16
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919258-210447

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