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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WaFd Inc | NASDAQ:WAFD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.04% | 27.91 | 26.19 | 30.36 | 28.36 | 27.84 | 27.84 | 259,291 | 05:00:09 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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)
|
Title of Each Class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||||||
Common Stock, $1.00 par value per share
|
WAFD
|
NASDAQ Stock Market
|
||||||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock |
WAFDP
|
NASDAQ Stock Market
|
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
The Consolidated Financial Statements of Washington Federal, Inc. and Subsidiaries filed as a part of the report are as follows: | ||||||||||||||
December 31, 2021 | September 30, 2021 | ||||||||||
(In thousands, except share data) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 1,880,647 | $ | 2,090,809 | |||||||
Available-for-sale securities, at fair value
|
1,946,139 | 2,138,259 | |||||||||
Held-to-maturity securities, at amortized cost
|
326,387 | 366,025 | |||||||||
Loans receivable, net of allowance for loan losses of $171,411 and $171,300
|
14,592,202 | 13,833,570 | |||||||||
Interest receivable | 51,751 | 50,636 | |||||||||
Premises and equipment, net | 253,488 | 255,152 | |||||||||
Real estate owned | 5,737 | 8,204 | |||||||||
FHLB and FRB stock | 102,863 | 102,863 | |||||||||
Bank owned life insurance | 234,660 | 233,263 | |||||||||
Intangible assets, including goodwill of $303,457 and $303,457
|
309,747 | 310,019 | |||||||||
Federal and state income tax assets, net | — | 3,877 | |||||||||
Other assets | 269,550 | 257,897 | |||||||||
$ | 19,973,171 | $ | 19,650,574 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Customer accounts | |||||||||||
Transaction deposit accounts | $ | 12,550,062 | $ | 12,108,025 | |||||||
Time deposit accounts | 3,351,984 | 3,434,087 | |||||||||
15,902,046 | 15,542,112 | ||||||||||
FHLB advances | 1,720,000 | 1,720,000 | |||||||||
Advance payments by borrowers for taxes and insurance | 17,551 | 47,016 | |||||||||
Federal and state income tax liabilities, net | 2,728 | — | |||||||||
Accrued expenses and other liabilities | 181,720 | 215,382 | |||||||||
17,824,045 | 17,524,510 | ||||||||||
Commitments and contingencies (see Note I) | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding
|
300,000 | 300,000 | |||||||||
Common stock, $1.00 par value, 300,000,000 shares authorized; 136,195,838 and 135,993,254 shares issued; 65,263,738 and 65,145,268 shares outstanding
|
136,196 | 135,993 | |||||||||
Additional paid-in capital | 1,680,637 | 1,678,622 | |||||||||
Accumulated other comprehensive income (loss), net of taxes | 61,876 | 69,785 | |||||||||
Treasury stock, at cost; 70,932,100 and 70,847,986 shares
|
(1,589,920) | (1,586,947) | |||||||||
Retained earnings | 1,560,337 | 1,528,611 | |||||||||
2,149,126 | 2,126,064 | ||||||||||
$ | 19,973,171 | $ | 19,650,574 |
Three Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||
Loans receivable | $ | 138,509 | $ | 133,671 | |||||||||||||||||||
Mortgage-backed securities | 4,792 | 7,230 | |||||||||||||||||||||
Investment securities and cash equivalents | 7,139 | 6,921 | |||||||||||||||||||||
150,440 | 147,822 | ||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Customer accounts | 8,461 | 14,110 | |||||||||||||||||||||
FHLB advances | 7,843 | 13,198 | |||||||||||||||||||||
16,304 | 27,308 | ||||||||||||||||||||||
Net interest income | 134,136 | 120,514 | |||||||||||||||||||||
Provision (release) for credit losses | 500 | 3,000 | |||||||||||||||||||||
Net interest income after provision (release) | 133,636 | 117,514 | |||||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
Gain (loss) on sale of investment securities | 81 | — | |||||||||||||||||||||
Loan fee income | 1,921 | 2,392 | |||||||||||||||||||||
Deposit fee income | 6,443 | 6,026 | |||||||||||||||||||||
Other income | 10,236 | 5,452 | |||||||||||||||||||||
18,681 | 13,870 | ||||||||||||||||||||||
OTHER EXPENSE | |||||||||||||||||||||||
Compensation and benefits | 47,425 | 42,723 | |||||||||||||||||||||
Occupancy | 10,090 | 9,592 | |||||||||||||||||||||
FDIC insurance premiums | 3,100 | 3,263 | |||||||||||||||||||||
Product delivery | 4,721 | 4,937 | |||||||||||||||||||||
Information technology | 11,421 | 11,831 | |||||||||||||||||||||
Other expense | 12,856 | 9,064 | |||||||||||||||||||||
89,613 | 81,410 | ||||||||||||||||||||||
Gain (loss) on real estate owned, net | 562 | (449) | |||||||||||||||||||||
Income before income taxes | 63,266 | 49,525 | |||||||||||||||||||||
Income tax expense | 12,985 | 10,574 | |||||||||||||||||||||
Net income | 50,281 | 38,951 | |||||||||||||||||||||
Dividends on preferred stock | 3,656 | — | |||||||||||||||||||||
Net income available to common shareholders | $ | 46,625 | $ | 38,951 | |||||||||||||||||||
PER SHARE DATA | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.72 | $ | 0.51 | |||||||||||||||||||
Diluted earnings per common share | 0.71 | 0.51 | |||||||||||||||||||||
Dividends paid on common stock per share | 0.23 | 0.22 | |||||||||||||||||||||
Basic weighted average number of shares outstanding | 65,207,837 | 75,792,995 | |||||||||||||||||||||
Diluted weighted average number of shares outstanding | 65,350,174 | 75,798,460 |
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Net income | $ | 50,281 | $ | 38,951 | |||||||
Other comprehensive income (loss) net of tax: | |||||||||||
Net unrealized gain (loss) during the period on available-for-sale investment securities, net of tax of $3,864 and $(2,686)
|
(12,934) | 8,991 | |||||||||
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income, net of tax of $(19) and $0
|
62 | — | |||||||||
Net unrealized gain (loss) from investment securities, net of reclassification adjustment | (12,872) | 8,991 | |||||||||
Net unrealized gain (loss) during the period on borrowings cash flow hedges, net of tax of $(1,483) and $(4,627)
|
4,963 | 15,491 | |||||||||
Reclassification adjustment of net (gain) loss included in net income during the period from hedging derivatives, net of tax of $0 and $0
|
— | — | |||||||||
Net unrealized gain (loss) in cash flow hedging instruments, net of reclassification adjustment | 4,963 | 15,491 | |||||||||
Other comprehensive income (loss) | (7,909) | 24,482 | |||||||||
Comprehensive income | $ | 42,372 | $ | 63,433 |
(in thousands) | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance at October 1, 2021 | $ | 300,000 | $ | 135,993 | $ | 1,678,622 | $ | 1,528,611 | $ | 69,785 | $ | (1,586,947) | $ | 2,126,064 | |||||||||
Net income | — | — | — | 50,281 | — | — | 50,281 | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (7,909) | — | (7,909) | ||||||||||||||||
Dividends on common stock ($0.23 per share)
|
— | — | — | (14,899) | — | — | (14,899) | ||||||||||||||||
Dividends on preferred stock ($12.1875 per share)
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— | — | — | (3,656) | — | — | (3,656) | ||||||||||||||||
Proceeds from stock-based awards | — | 30 | 798 | — | — | — | 828 | ||||||||||||||||
Stock-based compensation expense | — | 173 | 1,217 | — | — | — | 1,390 | ||||||||||||||||
Treasury stock acquired | — | — | — | — | — | (2,973) | (2,973) | ||||||||||||||||
Balance at December 31, 2021 | $ | 300,000 | $ | 136,196 | $ | 1,680,637 | $ | 1,560,337 | $ | 61,876 | $ | (1,589,920) | $ | 2,149,126 | |||||||||
(in thousands) | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance at October 1, 2020 | $ | — | $ | 135,727 | $ | 1,678,843 | $ | 1,420,906 | $ | 16,953 | $ | (1,238,296) | $ | 2,014,133 | |||||||||
Net income | — | — | — | 38,951 | — | — | 38,951 | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 24,482 | — | 24,482 | ||||||||||||||||
Dividends on common stock ($0.22 per share)
|
— | — | — | (16,577) | — | — | (16,577) | ||||||||||||||||
Proceeds from stock-based awards | — | 2 | 28 | — | — | — | 30 | ||||||||||||||||
Stock-based compensation expense | — | 209 | 1,240 | — | — | — | 1,449 | ||||||||||||||||
Treasury stock acquired | — | — | — | — | — | (701) | (701) | ||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 135,938 | $ | 1,680,111 | $ | 1,443,280 | $ | 41,435 | $ | (1,238,997) | $ | 2,061,767 | |||||||||
Three Months Ended December 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 50,281 | $ | 38,951 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization, accretion and other, net | 7,944 | 9,211 | ||||||||||||||||||
Stock-based compensation expense | 1,390 | 1,449 | ||||||||||||||||||
Provision (release) for credit losses | 500 | 3,000 | ||||||||||||||||||
Loss (gain) on sale of investment securities | (81) | — | ||||||||||||||||||
Net realized (gain) loss on sales of premises, equipment, and real estate owned | (355) | 15 | ||||||||||||||||||
Decrease (increase) in accrued interest receivable | (1,115) | 1,128 | ||||||||||||||||||
Decrease (increase) in federal and state income tax receivable | 3,877 | 5,708 | ||||||||||||||||||
Decrease (increase) in cash surrender value of bank owned life insurance | (1,397) | (1,426) | ||||||||||||||||||
Decrease (increase) in other assets | (3,422) | 71,923 | ||||||||||||||||||
Increase (decrease) in federal and state income tax liabilities | 5,090 | 981 | ||||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities | (35,871) | (36,761) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 26,841 | 94,179 | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Origination of loans and principal repayments, net | (347,596) | (91,857) | ||||||||||||||||||
Loans purchased | (413,326) | — | ||||||||||||||||||
FHLB & FRB stock purchased | (56,000) | (108,001) | ||||||||||||||||||
FHLB & FRB stock redeemed | 56,000 | 112,000 | ||||||||||||||||||
Available-for-sale securities purchased | — | (379,760) | ||||||||||||||||||
Principal payments and maturities of available-for-sale securities | 170,847 | 157,246 | ||||||||||||||||||
Proceeds from sales of available-for-sale securities | 4,510 | — | ||||||||||||||||||
Principal payments and maturities of held-to-maturity securities | 38,679 | 116,223 | ||||||||||||||||||
Proceeds from sales of real estate owned | 2,883 | 357 | ||||||||||||||||||
Proceeds from sales of premises and equipment | 2 | — | ||||||||||||||||||
Premises and equipment purchased and REO improvements | (2,771) | (8,388) | ||||||||||||||||||
Net cash provided by (used in) investing activities | (546,772) | (202,180) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Net increase (decrease) in customer accounts | 359,934 | 386,917 | ||||||||||||||||||
Proceeds from borrowings | 1,400,000 | 2,700,007 | ||||||||||||||||||
Repayments of borrowings | (1,400,000) | (2,800,007) | ||||||||||||||||||
Proceeds from stock-based awards | 828 | 30 | ||||||||||||||||||
Dividends paid on common stock | (14,899) | (16,577) | ||||||||||||||||||
Dividends paid on preferred stock | (3,656) | — | ||||||||||||||||||
Treasury stock purchased | (2,973) | (701) | ||||||||||||||||||
Increase (decrease) in advances payments by borrowers for taxes and insurance | (29,465) | (33,923) | ||||||||||||||||||
Net cash provided by (used in) financing activities | 309,769 | 235,746 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (210,162) | 127,745 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 2,090,809 | 1,702,977 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,880,647 | $ | 1,830,722 |
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Non-cash investing activities | |||||||||||
Real estate acquired through foreclosure | $ | — | $ | (161) | |||||||
Other personal property acquired through foreclosure | 422 | — | |||||||||
Non-cash financing activities | |||||||||||
Preferred stock dividend payable | 3,656 | — | |||||||||
Cash paid (received) during the period for | |||||||||||
Interest | 13,275 | 23,164 | |||||||||
Income taxes | — | (19) | |||||||||
December 31, 2021 | September 30, 2021 | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Commercial loans | |||||||||||||||||
Multi-family | $ | 2,298,155 | 13.5 | % | $ | 2,291,477 | 14.0 | % | |||||||||
Commercial real estate | 2,681,453 | 15.8 | 2,443,845 | 15.0 | |||||||||||||
Commercial & industrial (1) | 2,373,012 | 13.9 | 2,314,654 | 14.2 | |||||||||||||
Construction | 2,967,644 | 17.4 | 2,888,214 | 17.7 | |||||||||||||
Land - acquisition & development | 225,423 | 1.3 | 222,457 | 1.4 | |||||||||||||
Total commercial loans | 10,545,687 | 61.9 | 10,160,647 | 62.3 | |||||||||||||
Consumer loans | |||||||||||||||||
Single-family residential | 5,295,837 | 31.1 | 4,951,627 | 30.4 | |||||||||||||
Construction - custom | 787,862 | 4.6 | 783,221 | 4.8 | |||||||||||||
Land - consumer lot loans | 151,297 | 0.9 | 149,956 | 0.9 | |||||||||||||
HELOC | 166,601 | 1.0 | 165,989 | 1.0 | |||||||||||||
Consumer | 77,681 | 0.5 | 87,892 | 0.5 | |||||||||||||
Total consumer loans | 6,479,278 | 38.1 | 6,138,685 | 37.7 | |||||||||||||
Total gross loans | 17,024,965 | 100 | % | 16,299,332 | 100 | % | |||||||||||
Less: | |||||||||||||||||
Allowance for credit losses on loans | 171,411 | 171,300 | |||||||||||||||
Loans in process | 2,207,880 | 2,232,836 | |||||||||||||||
Net deferred fees, costs and discounts | 53,472 | 61,626 | |||||||||||||||
Total loan contra accounts | 2,432,763 | 2,465,762 | |||||||||||||||
Net loans | $ | 14,592,202 | $ | 13,833,570 |
December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands, except ratio data) | |||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual with no ACL | 90 days or more past due and accruing | Non-accrual | Non-accrual with no ACL | 90 days or more past due and accruing | ||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Multi-family | $ | — | $ | — | $ | — | $ | 475 | $ | — | $ | — | |||||||||||||||||||||||
Commercial real estate | 7,565 | — | — | 8,038 | — | — | |||||||||||||||||||||||||||||
Commercial & industrial | 15,349 | — | — | 365 | 30 | — | |||||||||||||||||||||||||||||
Construction | 611 | — | — | 505 | — | — | |||||||||||||||||||||||||||||
Land - acquisition & development | 2,340 | — | — | 2,340 | — | — | |||||||||||||||||||||||||||||
Total commercial loans | 25,865 | — | — | 11,723 | 30 | — | |||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||
Single-family residential | 17,751 | — | — | 19,320 | — | — | |||||||||||||||||||||||||||||
Construction - custom | 465 | — | — | — | — | — | |||||||||||||||||||||||||||||
Land - consumer lot loans | 544 | — | — | 359 | — | — | |||||||||||||||||||||||||||||
HELOC | 276 | — | — | 287 | — | — | |||||||||||||||||||||||||||||
Consumer | 58 | — | — | 60 | — | — | |||||||||||||||||||||||||||||
Total consumer loans | 19,094 | — | — | 20,026 | — | — | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | 44,959 | $ | — | $ | — | $ | 31,749 | $ | 30 | $ | — | |||||||||||||||||||||||
% of total loans | 0.30 | % | 0.23 | % |
December 31, 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 | $ | 2,278,216 | $ | 2,278,216 | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||||||||||
Commercial real estate | 2,667,170 | 2,663,441 | 2,282 | — | 1,447 | 3,729 | 0.14 | ||||||||||||||||||||||||||||||||||
Commercial & industrial (1) | 2,365,487 | 2,348,085 | 1,031 | 1,059 | 15,312 | 17,402 | 0.74 | ||||||||||||||||||||||||||||||||||
Construction | 1,235,119 | 1,235,119 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Land - acquisition & development | 202,081 | 199,741 | — | — | 2,340 | 2,340 | 1.16 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 8,748,073 | 8,724,602 | 3,313 | 1,059 | 19,099 | 23,471 | 0.27 | ||||||||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||||||||||||||
Single-family residential | 5,286,559 | 5,266,143 | 5,099 | 1,088 | 14,229 | 20,416 | 0.39 | ||||||||||||||||||||||||||||||||||
Construction - custom | 333,583 | 333,118 | — | — | 465 | 465 | 0.14 | ||||||||||||||||||||||||||||||||||
Land - consumer lot loans | 149,845 | 149,193 | 52 | 75 | 525 | 652 | 0.44 | ||||||||||||||||||||||||||||||||||
HELOC | 167,789 | 167,273 | 261 | — | 255 | 516 | 0.31 | ||||||||||||||||||||||||||||||||||
Consumer | 77,764 | 77,530 | 69 | 114 | 51 | 234 | 0.30 | ||||||||||||||||||||||||||||||||||
Total consumer loans | 6,015,540 | 5,993,257 | 5,481 | 1,277 | 15,525 | 22,283 | 0.37 | ||||||||||||||||||||||||||||||||||
Total Loans | $ | 14,763,613 | $ | 14,717,859 | $ | 8,794 | $ | 2,336 | $ | 34,624 | $ | 45,754 | 0.31 | % | |||||||||||||||||||||||||||
Delinquency % | 99.69% | 0.06% | 0.02% | 0.23% | 0.31% |
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% |
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 | $ | 188,312 | $ | 774,664 | $ | 461,598 | $ | 145,568 | $ | 197,475 | $ | 466,643 | $ | 36,205 | $ | — | $ | 2,270,465 | |||||||||||
Special Mention | — | — | 1,754 | — | 3,098 | — | — | — | 4,852 | ||||||||||||||||||||
Substandard | — | — | — | — | 650 | 2,249 | — | — | 2,899 | ||||||||||||||||||||
Total | $ | 188,312 | $ | 774,664 | $ | 463,352 | $ | 145,568 | $ | 201,223 | $ | 468,892 | $ | 36,205 | $ | — | $ | 2,278,216 | |||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Pass | $ | 315,441 | $ | 644,455 | $ | 403,955 | $ | 273,743 | $ | 257,052 | $ | 591,343 | $ | 3,075 | $ | — | $ | 2,489,064 | |||||||||||
Special Mention | — | — | — | 5,308 | 32,941 | 19,800 | — | — | 58,049 | ||||||||||||||||||||
Substandard | — | — | 8,308 | 44,362 | 17,171 | 49,124 | 1,092 | — | 120,057 | ||||||||||||||||||||
Total | $ | 315,441 | $ | 644,455 | $ | 412,263 | $ | 323,413 | $ | 307,164 | $ | 660,267 | $ | 4,167 | $ | — | $ | 2,667,170 | |||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||
Pass | $ | 96,846 | $ | 617,826 | $ | 179,111 | $ | 46,636 | $ | 32,369 | $ | 233,105 | $ | 954,157 | $ | 97 | $ | 2,160,147 | |||||||||||
Special Mention | 744 | 13,881 | 2,782 | 5,972 | — | 6 | 37,377 | — | 60,762 | ||||||||||||||||||||
Substandard | — | 69 | 46,474 | 2,356 | 4,532 | 14,972 | 76,175 | — | 144,578 | ||||||||||||||||||||
Total | $ | 97,590 | $ | 631,776 | $ | 228,367 | $ | 54,964 | $ | 36,901 | $ | 248,083 | $ | 1,067,709 | $ | 97 | $ | 2,365,487 | |||||||||||
Construction | |||||||||||||||||||||||||||||
Pass | $ | 68,058 | $ | 494,383 | $ | 352,324 | $ | 232,534 | $ | 374 | $ | 16,313 | $ | 69,957 | $ | — | $ | 1,233,943 | |||||||||||
Special Mention | — | 566 | — | — | — | — | — | — | 566 | ||||||||||||||||||||
Substandard | — | — | 610 | — | — | — | — | — | 610 | ||||||||||||||||||||
Total | $ | 68,058 | $ | 494,949 | $ | 352,934 | $ | 232,534 | $ | 374 | $ | 16,313 | $ | 69,957 | $ | — | $ | 1,235,119 | |||||||||||
Land - acquisition & development | |||||||||||||||||||||||||||||
Pass | $ | 31,257 | $ | 80,472 | $ | 30,263 | $ | 11,800 | $ | 13,730 | $ | 29,619 | $ | 2,600 | $ | — | $ | 199,741 | |||||||||||
Substandard | — | — | — | — | — | 2,340 | — | — | 2,340 | ||||||||||||||||||||
Total | $ | 31,257 | $ | 80,472 | $ | 30,263 | $ | 11,800 | $ | 13,730 | $ | 31,959 | $ | 2,600 | $ | — | $ | 202,081 | |||||||||||
Total commercial loans | |||||||||||||||||||||||||||||
Pass | $ | 699,914 | $ | 2,611,800 | $ | 1,427,251 | $ | 710,281 | $ | 501,000 | $ | 1,337,023 | $ | 1,065,994 | $ | 97 | $ | 8,353,360 | |||||||||||
Special Mention | 744 | 14,447 | 4,536 | 11,280 | 36,039 | 19,806 | 37,377 | — | 124,229 | ||||||||||||||||||||
Substandard | — | 69 | 55,392 | 46,718 | 22,353 | 68,685 | 77,267 | — | 270,484 | ||||||||||||||||||||
Total | $ | 700,658 | $ | 2,626,316 | $ | 1,487,179 | $ | 768,279 | $ | 559,392 | $ | 1,425,514 | $ | 1,180,638 | $ | 97 | $ | 8,748,073 |
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 | $ | 686,288 | $ | 1,222,748 | $ | 805,399 | $ | 381,245 | $ | 320,431 | $ | 1,850,032 | $ | — | $ | — | $ | 5,266,143 | |||||||||||
30 days past due | 735 | — | — | — | — | 4,364 | — | — | 5,099 | ||||||||||||||||||||
60 days past due | — | — | — | — | — | 1,088 | — | — | 1,088 | ||||||||||||||||||||
90+ days past due | — | — | — | 348 | 114 | 13,767 | — | — | 14,229 | ||||||||||||||||||||
Total | $ | 687,023 | $ | 1,222,748 | $ | 805,399 | $ | 381,593 | $ | 320,545 | $ | 1,869,251 | $ | — | $ | — | $ | 5,286,559 | |||||||||||
Construction - custom | |||||||||||||||||||||||||||||
Current | $ | 10,516 | $ | 251,800 | $ | 68,238 | $ | 1,928 | $ | 636 | $ | — | $ | — | $ | — | $ | 333,118 | |||||||||||
90+ days past due | — | — | 465 | — | — | — | — | — | 465 | ||||||||||||||||||||
Total | $ | 10,516 | $ | 251,800 | $ | 68,703 | $ | 1,928 | $ | 636 | $ | — | $ | — | $ | — | $ | 333,583 | |||||||||||
Land - consumer lot loans | |||||||||||||||||||||||||||||
Current | $ | 18,436 | $ | 77,593 | $ | 23,409 | $ | 7,629 | $ | 4,062 | $ | 18,064 | $ | — | $ | — | $ | 149,193 | |||||||||||
30 days past due | — | — | 52 | — | — | — | — | — | 52 | ||||||||||||||||||||
60 days past due | — | — | — | 75 | — | — | — | — | 75 | ||||||||||||||||||||
90+ days past due | — | — | 142 | — | — | 383 | — | — | 525 | ||||||||||||||||||||
Total | $ | 18,436 | $ | 77,593 | $ | 23,603 | $ | 7,704 | $ | 4,062 | $ | 18,447 | $ | — | $ | — | $ | 149,845 | |||||||||||
HELOC | |||||||||||||||||||||||||||||
Current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,378 | $ | 161,644 | $ | 251 | $ | 167,273 | |||||||||||
30 days past due | — | — | — | — | — | 214 | 38 | 9 | 261 | ||||||||||||||||||||
90+ days past due | — | — | — | — | — | 30 | 225 | — | 255 | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,622 | $ | 161,907 | $ | 260 | $ | 167,789 | |||||||||||
Consumer | |||||||||||||||||||||||||||||
Current | $ | 100 | $ | 10,435 | $ | 8,082 | $ | 488 | $ | 31,853 | $ | 9,374 | $ | 17,198 | $ | — | $ | 77,530 | |||||||||||
30 days past due | — | — | — | 10 | — | 55 | 4 | — | 69 | ||||||||||||||||||||
60 days past due | — | — | — | 4 | — | 110 | — | — | 114 | ||||||||||||||||||||
90+ days past due | — | — | — | 34 | — | 17 | — | — | 51 | ||||||||||||||||||||
Total | $ | 100 | $ | 10,435 | $ | 8,082 | $ | 536 | $ | 31,853 | $ | 9,556 | $ | 17,202 | $ | — | $ | 77,764 | |||||||||||
Total consumer loans | |||||||||||||||||||||||||||||
Current | $ | 715,340 | $ | 1,562,576 | $ | 905,128 | $ | 391,290 | $ | 356,982 | $ | 1,882,848 | $ | 178,842 | $ | 251 | $ | 5,993,257 | |||||||||||
30 days past due | 735 | — | 52 | 10 | — | 4,633 | 42 | 9 | 5,481 | ||||||||||||||||||||
60 days past due | — | — | — | 79 | — | 1,198 | — | — | 1,277 | ||||||||||||||||||||
90+ days past due | — | — | 607 | 382 | 114 | 14,197 | 225 | — | 15,525 | ||||||||||||||||||||
Total | $ | 716,075 | $ | 1,562,576 | $ | 905,787 | $ | 391,761 | $ | 357,096 | $ | 1,902,876 | $ | 179,109 | $ | 260 | $ | 6,015,540 |
Three Months Ended December 31, 2021 | Beginning Allowance | Charge-offs | Recoveries |
Provision &
Transfers (1)
|
Ending Allowance | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Multi-family | $ | 16,949 | $ | — | $ | — | $ | (956) | $ | 15,993 | |||||||||||||||||||
Commercial real estate | 23,437 | (529) | 44 | 2,770 | 25,722 | ||||||||||||||||||||||||
Commercial & industrial | 45,957 | (43) | 62 | 1,255 | 47,231 | ||||||||||||||||||||||||
Construction | 25,585 | — | 2,000 | (2,819) | 24,766 | ||||||||||||||||||||||||
Land - acquisition & development | 13,447 | (2) | 20 | 660 | 14,125 | ||||||||||||||||||||||||
Total commercial loans | 125,375 | (574) | 2,126 | 910 | 127,837 | ||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Single-family residential | 30,978 | — | 405 | (1,277) | 30,106 | ||||||||||||||||||||||||
Construction - custom | 4,907 | — | — | (1,188) | 3,719 | ||||||||||||||||||||||||
Land - consumer lot loans | 4,939 | (27) | 5 | 67 | 4,984 | ||||||||||||||||||||||||
HELOC | 2,390 | — | 1 | (26) | 2,365 | ||||||||||||||||||||||||
Consumer | 2,711 | (76) | 251 | (486) | 2,400 | ||||||||||||||||||||||||
Total consumer loans | 45,925 | (103) | 662 | (2,910) | 43,574 | ||||||||||||||||||||||||
Total loans | $ | 171,300 | $ | (677) | $ | 2,788 | $ | (2,000) | $ | 171,411 |
Three Months Ended December 31, 2020 | Beginning Allowance | Charge-offs | Recoveries |
Provision &
Transfers (1)
|
Ending Allowance | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Multi-family | $ | 13,853 | $ | — | $ | — | $ | 510 | $ | 14,363 | |||||||||||||||||||
Commercial real estate | 22,516 | — | 789 | 191 | 23,496 | ||||||||||||||||||||||||
Commercial & industrial | 38,665 | (2) | 50 | 5,604 | 44,317 | ||||||||||||||||||||||||
Construction | 24,156 | — | — | 2,209 | 26,365 | ||||||||||||||||||||||||
Land - acquisition & development | 10,733 | — | 35 | (102) | 10,666 | ||||||||||||||||||||||||
Total commercial loans | 109,923 | (2) | 874 | 8,412 | 119,207 | ||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Single-family residential | 45,186 | — | 779 | (7,352) | 38,613 | ||||||||||||||||||||||||
Construction - custom | 3,555 | — | — | 39 | 3,594 | ||||||||||||||||||||||||
Land - consumer lot loans | 2,729 | — | 7 | 222 | 2,958 | ||||||||||||||||||||||||
HELOC | 2,571 | — | — | (209) | 2,362 | ||||||||||||||||||||||||
Consumer | 2,991 | (150) | 226 | 388 | 3,455 | ||||||||||||||||||||||||
Total consumer loans | 57,032 | (150) | 1,012 | (6,912) | 50,982 | ||||||||||||||||||||||||
Total loans | $ | 166,955 | $ | (152) | $ | 1,886 | $ | 1,500 | $ | 170,189 |
December 31, 2021 | Internally Assigned Grade | ||||||||||||||||||||||||||||||||||
Pass | Special mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||
(In thousands, except ratio data) | |||||||||||||||||||||||||||||||||||
Loan type | |||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Multi-family | $ | 2,270,465 | $ | 4,852 | $ | 2,899 | $ | — | $ | — | $ | 2,278,216 | |||||||||||||||||||||||
Commercial real estate | 2,489,064 | 58,049 | 120,057 | — | — | 2,667,170 | |||||||||||||||||||||||||||||
Commercial & industrial | 2,160,147 | 60,762 | 144,578 | — | — | 2,365,487 | |||||||||||||||||||||||||||||
Construction | 1,233,943 | 566 | 610 | — | — | 1,235,119 | |||||||||||||||||||||||||||||
Land - acquisition & development | 199,741 | — | 2,340 | — | — | 202,081 | |||||||||||||||||||||||||||||
Total commercial loans | 8,353,360 | 124,229 | 270,484 | — | — | 8,748,073 | |||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||
Single-family residential | 5,265,363 | — | 21,196 | — | — | 5,286,559 | |||||||||||||||||||||||||||||
Construction - custom | 333,118 | — | 465 | — | — | 333,583 | |||||||||||||||||||||||||||||
Land - consumer lot loans | 149,225 | — | 620 | — | — | 149,845 | |||||||||||||||||||||||||||||
HELOC | 167,513 | — | 276 | — | — | 167,789 | |||||||||||||||||||||||||||||
Consumer | 77,752 | 1 | 11 | — | — | 77,764 | |||||||||||||||||||||||||||||
Total consumer loans | 5,992,971 | 1 | 22,568 | — | — | 6,015,540 | |||||||||||||||||||||||||||||
Total | $ | 14,346,331 | $ | 124,230 | $ | 293,052 | $ | — | $ | — | $ | 14,763,613 | |||||||||||||||||||||||
Total grade as a % of total loans | 97.17 | % | 0.84 | % | 1.99 | % | — | % | — | % |
September 30, 2021 | Internally Assigned Grade | ||||||||||||||||||||||||||||||||||
Pass | Special mention | Substandard | Doubtful | Loss | Total Gross Loans | ||||||||||||||||||||||||||||||
(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 gross loans | 96.44 | % | 0.80 | % | 2.76 | % | — | % | — | % |
December 31, 2021 | Performing Loans | Non-Performing Loans | |||||||||||||||||||||
Amount |
% of Total
Loans |
Amount |
% of Total
Loans |
||||||||||||||||||||
(In thousands, except ratio data) | |||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||
Multi-family | $ | 2,278,216 | 100.0 | % | $ | — | — | % | |||||||||||||||
Commercial real estate | 2,659,605 | 99.7 | 7,565 | 0.3 | |||||||||||||||||||
Commercial & industrial | 2,350,138 | 99.4 | 15,349 | 0.6 | |||||||||||||||||||
Construction | 1,234,508 | 100.0 | 611 | 0.0 | |||||||||||||||||||
Land - acquisition & development | 199,741 | 98.8 | 2,340 | 1.2 | |||||||||||||||||||
Total commercial loans | 8,722,208 | 99.7 | 25,865 | 0.3 | |||||||||||||||||||
Consumer loans | |||||||||||||||||||||||
Single-family residential | 5,268,808 | 99.7 | 17,751 | 0.3 | |||||||||||||||||||
Construction - custom | 333,118 | 99.9 | 465 | 0.1 | |||||||||||||||||||
Land - consumer lot loans | 149,301 | 99.6 | 544 | 0.4 | |||||||||||||||||||
HELOC | 167,513 | 99.8 | 276 | 0.2 | |||||||||||||||||||
Consumer | 77,706 | 99.9 | 58 | 0.1 | |||||||||||||||||||
Total consumer loans | 5,996,446 | 99.7 | 19,094 | 0.3 | |||||||||||||||||||
Total loans | $ | 14,718,654 | 99.7 | % | $ | 44,959 | 0.3 | % |
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 | % |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 57,567 | $ | — | $ | 57,567 | |||||||||||||||
Asset-backed securities | — | 959,894 | — | 959,894 | |||||||||||||||||||
Municipal bonds | — | 40,149 | — | 40,149 | |||||||||||||||||||
Corporate debt securities | — | 348,186 | — | 348,186 | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Agency pass-through certificates | — | 540,343 | — | 540,343 | |||||||||||||||||||
Total available-for-sale securities | — | 1,946,139 | — | 1,946,139 | |||||||||||||||||||
Client swap program hedges | — | 5,944 | — | 5,944 | |||||||||||||||||||
Mortgage loan fair value hedges | — | 2,632 | — | 2,632 | |||||||||||||||||||
Borrowings cash flow hedges | — | 48,888 | — | 48,888 | |||||||||||||||||||
Total financial assets | $ | — | $ | 2,003,603 | $ | — | $ | 2,003,603 | |||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Client swap program hedges | $ | — | $ | 5,944 | $ | — | $ | 5,944 | |||||||||||||||
Commercial loan fair value hedges | — | 1,951 | — | 1,951 | |||||||||||||||||||
Total financial liabilities | $ | — | $ | 7,895 | $ | — | $ | 7,895 |
September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government and agency securities | $ | — | $ | 61,779 | $ | — | $ | 61,779 | |||||||||||||||
Asset-backed securities | — | 1,078,681 | 1,078,681 | ||||||||||||||||||||
Municipal bonds | — | 39,984 | — | 39,984 | |||||||||||||||||||
Corporate debt securities | — | 350,988 | — | 350,988 | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Agency pass-through certificates | — | 606,827 | — | 606,827 | |||||||||||||||||||
Total available-for-sale securities | — | 2,138,259 | — | 2,138,259 | |||||||||||||||||||
Client swap program hedges | — | 10,983 | — | 10,983 | |||||||||||||||||||
Borrowings cash flow hedges | — | 42,442 | — | 42,442 | |||||||||||||||||||
Total financial assets | $ | — | $ | 2,191,684 | $ | — | $ | 2,191,684 | |||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Client swap program hedges | $ | — | $ | 10,983 | $ | — | $ | 10,983 | |||||||||||||||
Commercial loan fair value hedges | — | 2,177 | — | 2,177 | |||||||||||||||||||
Mortgage loan fair value hedges | 1,641 | 1,641 | |||||||||||||||||||||
Total financial liabilities | $ | — | $ | 14,801 | $ | — | $ | 14,801 |
December 31, 2021 | Three Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total Gains (Losses) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||
Loans (1) | $ | — | $ | — | $ | 202 | $ | 202 | $ | (89) | |||||||||||||||||||||||||
Real estate owned (2) | — | — | 1,390 | 1,390 | (504) | ||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | $ | 1,592 | $ | 1,592 | $ | (593) |
December 31, 2020 | Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total Gains (Losses) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||
Loans (1) | $ | — | $ | — | $ | — | $ | — | $ | (44) | |||||||||||||||||||||||||
Real estate owned (2) | — | — | 447 | 447 | (47) | ||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | $ | 447 | $ | 447 | $ | (91) |
December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||
Level in Fair Value Hierarchy |
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 1,880,647 | $ | 1,880,647 | $ | 2,090,809 | $ | 2,090,809 | |||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
U.S. government and agency securities | 2 | 57,567 | 57,567 | 61,779 | 61,779 | |||||||||||||||||||||||||||
Asset-backed securities | 2 | 959,894 | 959,894 | 1,078,681 | 1,078,681 | |||||||||||||||||||||||||||
Municipal bonds | 2 | 40,149 | 40,149 | 39,984 | 39,984 | |||||||||||||||||||||||||||
Corporate debt securities | 2 | 348,186 | 348,186 | 350,988 | 350,988 | |||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Agency pass-through certificates | 2 | 540,343 | 540,343 | 606,827 | 606,827 | |||||||||||||||||||||||||||
Total available-for-sale securities | 1,946,139 | 1,946,139 | 2,138,259 | 2,138,259 | ||||||||||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Agency pass-through certificates | 2 | 326,387 | 335,895 | 366,025 | 379,547 | |||||||||||||||||||||||||||
Total held-to-maturity securities | 326,387 | 335,895 | 366,025 | 379,547 | ||||||||||||||||||||||||||||
Loans receivable | 3 | 14,592,202 | 14,991,699 | 13,833,570 | 14,279,725 | |||||||||||||||||||||||||||
FHLB and FRB stock | 2 | 102,863 | 102,863 | 102,863 | 102,863 | |||||||||||||||||||||||||||
Other assets - client swap program hedges | 2 | 5,944 | 5,944 | 10,983 | 10,983 | |||||||||||||||||||||||||||
Other assets - mortgage loan fair value hedges | 2 | 2,632 | 2,632 | — | — | |||||||||||||||||||||||||||
Other assets - borrowings cash flow hedges | 2 | 48,888 | 48,888 | 42,442 | 42,442 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Time deposits | 2 | 3,351,984 | 3,307,120 | 3,434,087 | 3,382,206 | |||||||||||||||||||||||||||
FHLB advances | 2 | 1,720,000 | 1,672,238 | 1,720,000 | 1,692,412 | |||||||||||||||||||||||||||
Other liabilities - client swap program hedges | 2 | 5,944 | 5,944 | 10,983 | 10,983 | |||||||||||||||||||||||||||
Other liabilities - commercial loan fair value hedges | 2 | 1,951 | 1,951 | 2,177 | 2,177 | |||||||||||||||||||||||||||
Other liabilities - mortgage loan fair value hedges | 2 | — | — | 1,641 | 1,641 | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Amortized
Cost |
Gross Unrealized |
Fair
Value |
Yield | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
U.S. government and agency securities due | |||||||||||||||||||||||||||||
1 to 5 years | $ | 57,562 | $ | 93 | $ | (88) | $ | 57,567 | 0.86 | % | |||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
1 to 5 years | 19,280 | — | (471) | 18,809 | 0.83 | ||||||||||||||||||||||||
5 to 10 years | 66,245 | 290 | (138) | 66,397 | 0.58 | ||||||||||||||||||||||||
Over 10 years | 867,872 | 7,206 | (390) | 874,688 | 0.97 | ||||||||||||||||||||||||
Corporate debt securities due | |||||||||||||||||||||||||||||
1 to 5 years | 226,048 | 6,355 | — | 232,403 | 1.59 | ||||||||||||||||||||||||
5 to 10 years | 86,475 | 409 | — | 86,884 | 4.64 | ||||||||||||||||||||||||
Over 10 years | 28,833 | 66 | — | 28,899 | 1.95 | ||||||||||||||||||||||||
Municipal bonds due | |||||||||||||||||||||||||||||
Within 1 year | 1,501 | 10 | — | 1,511 | — | ||||||||||||||||||||||||
5 to 10 years | 5,774 | 226 | — | 6,000 | 0.22 | ||||||||||||||||||||||||
Over 10 years | 29,900 | 2,738 | — | 32,638 | 5.85 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Agency pass-through certificates | 525,179 | 17,984 | (2,820) | 540,343 | 2.57 | ||||||||||||||||||||||||
1,914,669 | 35,377 | (3,907) | 1,946,139 | 1.72 | |||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Agency pass-through certificates | 326,387 | 9,508 | — | 335,895 | 3.17 | ||||||||||||||||||||||||
326,387 | 9,508 | — | 335,895 | 3.17 | |||||||||||||||||||||||||
$ | 2,241,056 | $ | 44,885 | $ | (3,907) | $ | 2,282,034 | 1.91 | % |
September 30, 2021 | |||||||||||||||||||||||||||||
Amortized
Cost |
Gross Unrealized |
Fair
Value |
Yield | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
U.S. government and agency securities due | |||||||||||||||||||||||||||||
1 to 5 years | $ | 47,339 | $ | 240 | $ | — | $ | 47,579 | 0.44 | % | |||||||||||||||||||
5 to 10 years | 14,064 | 136 | — | 14,200 | 2.05 | ||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
1 to 5 years | 19,730 | — | (434) | 19,296 | 0.52 | ||||||||||||||||||||||||
5 to 10 years | 71,207 | 412 | (97) | 71,522 | 0.57 | ||||||||||||||||||||||||
Over 10 years | 973,892 | 14,069 | (98) | 987,863 | 0.94 | ||||||||||||||||||||||||
Corporate debt securities due | |||||||||||||||||||||||||||||
Within 1 year | 225,928 | 7,860 | — | 233,788 | 1.57 | ||||||||||||||||||||||||
1 to 5 years | 86,802 | 1,345 | — | 88,147 | 4.64 | ||||||||||||||||||||||||
5 to 10 years | 28,804 | 249 | — | 29,053 | 1.95 | ||||||||||||||||||||||||
Municipal bonds due | |||||||||||||||||||||||||||||
Within 1 year | 1,493 | 17 | — | 1,510 | — | ||||||||||||||||||||||||
5 to 10 years | 5,781 | 294 | — | 6,075 | 0.22 | ||||||||||||||||||||||||
Over 10 years | 29,909 | 2,490 | — | 32,399 | 5.85 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Agency pass-through certificates | 585,121 | 23,717 | (2,011) | 606,827 | 2.60 | ||||||||||||||||||||||||
2,090,070 | 50,829 | (2,640) | 2,138,259 | 1.69 | |||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Agency pass-through certificates | 366,025 | 13,522 | — | 379,547 | 3.17 | ||||||||||||||||||||||||
366,025 | 13,522 | — | 379,547 | 3.17 | |||||||||||||||||||||||||
$ | 2,456,095 | $ | 64,351 | $ | (2,640) | $ | 2,517,806 | 1.89 | % |
December 31, 2021 | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Unrealized
Gross Losses |
Fair
Value |
Unrealized
Gross Losses |
Fair
Value |
Unrealized
Gross Losses |
Fair
Value |
||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | (88) | $ | 13,970 | $ | — | $ | — | $ | (88) | $ | 13,970 | |||||||||||||||||||||||
Asset-backed securities | (144) | 71,099 | (855) | 87,409 | (999) | 158,508 | |||||||||||||||||||||||||||||
Mortgage-backed securities | (755) | 56,773 | (2,065) | 52,747 | (2,820) | 109,520 | |||||||||||||||||||||||||||||
(987) | 141,842 | (2,920) | 140,156 | (3,907) | 281,998 | ||||||||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
$ | (987) | $ | 141,842 | $ | (2,920) | $ | 140,156 | $ | (3,907) | $ | 281,998 |
September 30, 2021 | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Unrealized
Gross Losses |
Fair
Value |
Unrealized
Gross Losses |
Fair
Value |
Unrealized
Gross Losses |
Fair
Value |
||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | (15) | $ | 4,639 | $ | (614) | $ | 70,058 | $ | (629) | $ | 74,697 | |||||||||||||||||||||||
Mortgage-backed securities | (1,569) | 47,758 | (442) | 32,266 | (2,011) | 80,024 | |||||||||||||||||||||||||||||
(1,584) | 52,397 | (1,056) | 102,324 | (2,640) | 154,721 | ||||||||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
$ | (1,584) | $ | 52,397 | $ | (1,056) | $ | 102,324 | $ | (2,640) | $ | 154,721 |
December 31, 2021 | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||
Interest rate contract purpose | Balance Sheet Location | Notional | Fair Value | Balance Sheet Location | Notional | Fair Value | |||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Client swap program hedges | Other assets | $ | 633,056 | $ | 5,944 | Other liabilities | $ | 633,056 | $ | 5,944 | |||||||||||||
Commercial loan fair value hedges | Other assets | — | — | Other liabilities | 42,209 | 1,951 | |||||||||||||||||
Mortgage loan fair value hedges | Other assets | 470,000 | 2,632 | Other liabilities | — | — | |||||||||||||||||
Borrowings cash flow hedges | Other assets | 1,000,000 | 48,888 | Other liabilities | — | — | |||||||||||||||||
$ | 2,103,056 | $ | 57,464 | $ | 675,265 | $ | 7,895 |
September 30, 2021 | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||
Interest rate contract purpose | Balance Sheet Location | Notional | Fair Value | Balance Sheet Location | Notional | Fair Value | |||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Client swap program hedges | Other assets | $ | 644,355 | $ | 10,983 | Other liabilities | $ | 644,355 | $ | 10,983 | |||||||||||||
Commercial loan fair value hedges | Other assets | — | — | Other liabilities | 44,678 | 2,177 | |||||||||||||||||
Mortgage loan fair value hedges | Other assets | — | — | Other liabilities | 470,000 | 1,641 | |||||||||||||||||
Borrowings cash flow hedges | Other assets | 1,000,000 | 42,442 | Other liabilities | — | — | |||||||||||||||||
$ | 1,644,355 | $ | 53,425 | $ | 1,159,033 | $ | 14,801 |
(In thousands) | December 31, 2021 | |||||||
Balance sheet line item in which hedged item is recorded | Carrying value of hedged items | Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | ||||||
Loans receivable (1) (2) | $ | 1,376,402 | $ | (260) | ||||
$ | 1,376,402 | $ | (260) |
(In thousands) | September 30, 2021 | |||||||
Balance sheet line item in which hedged item is recorded | Carrying value of hedged items | Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | ||||||
Loans receivable (1) (2) | $ | 1,515,487 | $ | 4,215 | ||||
$ | 1,515,487 | $ | 4,215 |
(In thousands) | Three Months Ended December 31, | |||||||
Amounts recognized in AOCI | 2021 | 2020 | ||||||
Interest rate contracts: | ||||||||
Pay fixed/receive floating swaps on borrowings cash flow hedges | $ | 6,446 | $ | 20,118 | ||||
Reclassification adjustment of net (gain)/loss included in net income | — | — | ||||||
Total pre-tax gain/(loss) recognized in AOCI | $ | 6,446 | $ | 20,118 |
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||||||||
Interest income on loans receivable | Interest expense on FHLB advances | Interest income on loans receivable | Interest expense on FHLB advances | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Interest income/(expense), including the effects of fair value and cash flow hedges | $ | 138,509 | $ | (7,843) | $ | 133,671 | $ | (13,198) | ||||||
Gain/(loss) on fair value hedging relationships: | ||||||||||||||
Interest rate contracts | ||||||||||||||
Amounts related to interest settlements on derivatives | $ | (1,371) | $ | (1,541) | ||||||||||
Recognized on derivatives | 4,500 | 4,587 | ||||||||||||
Recognized on hedged items | (4,475) | (4,456) | ||||||||||||
Net income/(expense) recognized on fair value hedges | $ | (1,346) | $ | (1,410) | ||||||||||
Gain/(loss) on cash flow hedging relationships: | ||||||||||||||
Interest rate contracts | ||||||||||||||
Amounts related to interest settlements on derivatives | $ | 2,021 | $ | 3,597 | ||||||||||
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense | — | — | ||||||||||||
Net income/(expense) recognized on cash flow hedges | $ | 2,021 | $ | 3,597 |
(In thousands) | Three Months Ended December 31, | ||||||||||
Derivative instruments | Classification of gain/(loss) recognized in income on derivative instrument | 2021 | 2020 | ||||||||
Interest rate contracts: | |||||||||||
Pay fixed/receive floating swap | Other noninterest income | $ | 5,039 | $ | 12,376 | ||||||
Receive fixed/pay floating swap | Other noninterest income | (5,039) | (12,376) | ||||||||
$ | — | $ | — |
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans receivable | $ | 14,297,907 | $ | 138,509 | 3.84 | % | $ | 12,824,870 | $ | 133,671 | 4.14 | % | |||||||||||||||||||||||
Mortgage-backed securities | 925,028 | 4,792 | 2.06 | 1,582,286 | 7,230 | 1.81 | |||||||||||||||||||||||||||||
Cash & Investments | 3,207,877 | 5,783 | 0.72 | 3,004,224 | 5,265 | 0.70 | |||||||||||||||||||||||||||||
FHLB & FRB stock | 102,863 | 1,356 | 5.23 | 140,730 | 1,656 | 4.67 | |||||||||||||||||||||||||||||
Total interest-earning assets | 18,533,675 | 150,440 | 3.22 | % | 17,552,110 | 147,822 | 3.34 | % | |||||||||||||||||||||||||||
Other assets | 1,272,163 | 1,307,937 | |||||||||||||||||||||||||||||||||
Total assets | $ | 19,805,838 | $ | 18,860,047 | |||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing customer accounts | $ | 12,530,492 | $ | 8,461 | 0.27 | % | $ | 11,619,857 | $ | 14,110 | 0.48 | % | |||||||||||||||||||||||
FHLB advances | 1,720,000 | 7,843 | 1.81 | 2,668,478 | 13,198 | 1.96 | |||||||||||||||||||||||||||||
Other borrowings | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,250,492 | 16,304 | 0.45 | % | 14,288,335 | 27,308 | 0.76 | % | |||||||||||||||||||||||||||
Noninterest-bearing customer accounts | 3,188,223 | 2,258,685 | |||||||||||||||||||||||||||||||||
Other liabilities | 223,421 | 275,834 | |||||||||||||||||||||||||||||||||
Total liabilities | 17,662,136 | 16,822,854 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 2,143,702 | 2,037,193 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 19,805,838 | $ | 18,860,047 | |||||||||||||||||||||||||||||||
Net interest income/interest rate spread | $ | 134,136 | 2.77 | % | $ | 120,514 | 2.65 | % | |||||||||||||||||||||||||||
Net interest margin (NIM) | 2.87 | % | 2.75 | % |
Actual |
Minimum Capital
Adequacy Guidelines |
Minimum Well-Capitalized Guidelines | |||||||||||||||||||||
($ in thousands) | Capital | Ratio | Ratio | Ratio | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Common Equity Tier I risk-based capital ratio: | |||||||||||||||||||||||
The Company | $ | 1,477,844 | 9.98 | % | 4.50 | % | NA | ||||||||||||||||
The Bank | 1,746,080 | 11.79 | % | 4.50 | % | 6.50 | % | ||||||||||||||||
Tier I risk-based capital ratio: | |||||||||||||||||||||||
The Company | 1,777,844 | 12.00 | % | 6.00 | % | NA | |||||||||||||||||
The Bank | 1,746,080 | 11.79 | % | 6.00 | % | 8.00 | % | ||||||||||||||||
Total risk-based capital ratio: | |||||||||||||||||||||||
The Company | 1,963,161 | 13.26 | % | 8.00 | % | NA | |||||||||||||||||
The Bank | 1,931,396 | 13.04 | % | 8.00 | % | 10.00 | % | ||||||||||||||||
Tier 1 Leverage ratio: | |||||||||||||||||||||||
The Company | 1,777,844 | 9.14 | % | 4.00 | % | NA | |||||||||||||||||
The Bank | 1,746,080 | 8.98 | % | 4.00 | % | 5.00 | % | ||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Common Equity Tier 1 risk-based capital ratio: | |||||||||||||||||||||||
The Company | $ | 1,446,613 | 9.50 | % | 4.50 | % | NA | ||||||||||||||||
The Bank | 1,717,014 | 11.28 | % | 4.50 | % | 6.50 | % | ||||||||||||||||
Tier I risk-based capital ratio: | |||||||||||||||||||||||
The Company | 1,746,613 | 11.47 | % | 6.00 | % | NA | |||||||||||||||||
The Bank | 1,717,014 | 11.28 | % | 6.00 | % | 8.00 | % | ||||||||||||||||
Total risk-based capital ratio: | |||||||||||||||||||||||
The Company | 1,937,036 | 12.72 | % | 8.00 | % | NA | |||||||||||||||||
The Bank | 1,907,408 | 12.53 | % | 8.00 | % | 10.00 | % | ||||||||||||||||
Tier 1 Leverage ratio: | |||||||||||||||||||||||
The Company | 1,746,613 | 9.07 | % | 4.00 | % | NA | |||||||||||||||||
The Bank | 1,717,014 | 8.92 | % | 4.00 | % | 5.00 | % |
December 31, 2021 | September 30, 2021 | Change | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | $ | % | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Multi-family | $ | 2,298,155 | 13.5 | % | $ | 2,291,477 | 14.0 | % | $ | 6,678 | 0.3 | % | ||||||||||||||
Commercial real estate | 2,681,453 | 15.8 | 2,443,845 | 15.0 | 237,608 | 9.7 | ||||||||||||||||||||
Commercial & industrial (1) | 2,373,012 | 13.9 | 2,314,654 | 14.2 | 58,358 | 2.5 | ||||||||||||||||||||
Construction | 2,967,644 | 17.4 | 2,888,214 | 17.7 | 79,430 | 2.8 | ||||||||||||||||||||
Land - acquisition & development | 225,423 | 1.3 | 222,457 | 1.4 | 2,966 | 1.3 | ||||||||||||||||||||
Total commercial loans | 10,545,687 | 61.9 | 10,160,647 | 62.3 | 385,040 | 3.8 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||
Single-family residential | 5,295,837 | 31.1 | 4,951,627 | 30.4 | 344,210 | 7.0 | ||||||||||||||||||||
Construction - custom | 787,862 | 4.6 | 783,221 | 4.8 | 4,641 | 0.6 | ||||||||||||||||||||
Land - consumer lot loans | 151,297 | 0.9 | 149,956 | 0.9 | 1,341 | 0.9 | ||||||||||||||||||||
HELOC | 166,601 | 1.0 | 165,989 | 1.0 | 612 | 0.4 | ||||||||||||||||||||
Consumer | 77,681 | 0.5 | 87,892 | 0.5 | (10,211) | (11.6) | ||||||||||||||||||||
Total consumer loans | 6,479,278 | 38.1 | 6,138,685 | 37.7 | 340,593 | 5.5 | ||||||||||||||||||||
Total gross loans | 17,024,965 | 100 | % | 16,299,332 | 100 | % | 725,633 | 4.5 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Allowance for credit losses on loans | 171,411 | 171,300 | 111 | 0.1 | ||||||||||||||||||||||
Loans in process | 2,207,880 | 2,232,836 | (24,956) | (1.1) | ||||||||||||||||||||||
Net deferred fees, costs and discounts | 53,472 | 61,626 | (8,154) | (13.2) | ||||||||||||||||||||||
Total loan contra accounts | 2,432,763 | 2,465,762 | (32,999) | (1.3) | ||||||||||||||||||||||
Net loans | $ | 14,592,202 | $ | 13,833,570 | $ | 758,632 | 5.5 | % |
December 31,
2021 |
September 30,
2021 |
||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Troubled debt restructured loans: | |||||||||||||||||||||||
Multi - family | $ | 201 | 0.3 | % | $ | 223 | 0.3 | % | |||||||||||||||
Commercial real estate | 2,248 | 3.7 | 2,275 | 3.5 | |||||||||||||||||||
Commercial & industrial | 38 | 0.1 | 40 | 0.1 | |||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||
Land - acquisition & development | — | — | — | — | |||||||||||||||||||
Single-family residential | 55,625 | 92.2 | 60,011 | 92.0 | |||||||||||||||||||
Construction - custom | — | — | — | — | |||||||||||||||||||
Land - consumer lot loans | 1,933 | 3.2 | 2,292 | 3.5 | |||||||||||||||||||
HELOC | 242 | 0.4 | 246 | 0.4 | |||||||||||||||||||
Consumer | 39 | 0.1 | 41 | 0.1 | |||||||||||||||||||
Total restructured loans (1) | $ | 60,326 | 100 | % | $ | 65,128 | 100 | % | |||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||
Multi - family | $ | — | — | % | $ | 475 | 1.5 | % | |||||||||||||||
Commercial real estate | 7,565 | 16.8 | 8,038 | 25.3 | |||||||||||||||||||
Commercial & industrial | 15,349 | 34.1 | 365 | 1.1 | |||||||||||||||||||
Construction | 611 | 1.4 | 505 | 1.7 | |||||||||||||||||||
Land - acquisition & development | 2,340 | 5.2 | 2,340 | 7.4 | |||||||||||||||||||
Single-family residential | 17,751 | 39.5 | 19,320 | 60.9 | |||||||||||||||||||
Construction - custom | 465 | 1.0 | — | — | |||||||||||||||||||
Land - consumer lot loans | 544 | 1.2 | 359 | 1.1 | |||||||||||||||||||
HELOC | 276 | 0.6 | 287 | 0.9 | |||||||||||||||||||
Consumer | 58 | 0.1 | 60 | 0.2 | |||||||||||||||||||
Total non-accrual loans | 44,959 | 100 | % | 31,749 | 100 | % | |||||||||||||||||
Real estate owned | 5,737 | 8,204 | |||||||||||||||||||||
Other property owned | 4,094 | 3,672 | |||||||||||||||||||||
Total non-performing assets | $ | 54,790 | $ | 43,625 | |||||||||||||||||||
Total non-performing assets and performing restructured loans as a percentage of total assets | 0.57 | % | 0.55 | % | |||||||||||||||||||
Total Assets | |||||||||||||||||||||||
(1) Restructured loans were as follows: | |||||||||||||||||||||||
Performing | $ | 58,782 | 97.4 | % | $ | 63,655 | 97.7 | % | |||||||||||||||
Non-performing (included in non-accrual loans above) | 1,544 | 2.6 | 1,473 | 2.3 | |||||||||||||||||||
$ | 60,326 | 100 | % | $ | 65,128 | 100 | % |
December 31, 2021 | September 30, 2021 | Change | ||||||||||||||||||||||||
Allowance for credit losses: | ($ in thousands) | ($ in thousands) | $ | % | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Multi-family | $ | 15,993 | 9.3 | % | 16,949 | 9.9 | % | $ | (956) | (5.6) | % | |||||||||||||||
Commercial real estate | 25,722 | 15.0 | 23,437 | 13.7 | 2,285 | 9.7 | ||||||||||||||||||||
Commercial & industrial | 47,231 | 27.6 | 45,957 | 26.8 | 1,274 | 2.8 | ||||||||||||||||||||
Construction | 24,766 | 14.4 | 25,585 | 14.9 | (819) | (3.2) | ||||||||||||||||||||
Land - acquisition & development | 14,125 | 8.2 | 13,447 | 7.8 | 678 | 5.0 | ||||||||||||||||||||
Total commercial loans | 127,837 | 74.6 | 125,375 | 73.2 | 2,462 | 2.0 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||
Single-family residential | 30,106 | 17.6 | 30,978 | 18.1 | (872) | (2.8) | ||||||||||||||||||||
Construction - custom | 3,719 | 2.2 | 4,907 | 2.9 | (1,188) | (24.2) | ||||||||||||||||||||
Land - consumer lot loans | 4,984 | 2.9 | 4,939 | 2.9 | 45 | 0.9 | ||||||||||||||||||||
HELOC | 2,365 | 1.4 | 2,390 | 1.4 | (25) | (1.0) | ||||||||||||||||||||
Consumer | 2,400 | 1.4 | 2,711 | 1.6 | (311) | (11.5) | ||||||||||||||||||||
Total consumer loans | 43,574 | 25.4 | 45,925 | 26.8 | (2,351) | (5.1) | ||||||||||||||||||||
Total allowance for loan losses | 171,411 | 100.0 | % | 171,300 | 100.0 | % | 111 | 0.1 | ||||||||||||||||||
Reserve for unfunded commitments | 30,000 | 27,500 | 2,500 | 9.1 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 201,411 | $ | 198,800 | $ | 2,611 | 1.3 | % | ||||||||||||||||||
|
December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||
Deposit Account Balance | As a % of Total Deposits |
Weighted
Average Rate |
Deposit Account Balance | As a % of Total Deposits |
Weighted
Average Rate |
||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||
Non-interest checking | $ | 3,279,841 | 20.6 | % | — | % | $ | 3,122,397 | 20.1 | % | — | % | |||||||||||||||||||||||
Interest checking | 3,688,823 | 23.3 | 0.21 | 3,566,322 | 22.9 | 0.20 | |||||||||||||||||||||||||||||
Savings | 1,043,002 | 6.6 | 0.11 | 1,039,336 | 6.7 | 0.11 | |||||||||||||||||||||||||||||
Money market | 4,538,396 | 28.5 | 0.20 | 4,379,970 | 28.2 | 0.19 | |||||||||||||||||||||||||||||
Time deposits | 3,351,984 | 21.1 | 0.53 | 3,434,087 | 22.1 | 0.54 | |||||||||||||||||||||||||||||
Total | $ | 15,902,046 | 100 | % | 0.22 | % | $ | 15,542,112 | 100 | % | 0.23 | % |
Comparison of Three Months Ended
12/31/21 and 12/31/20 |
|||||||||||||||||||||||||||||||||||
($ in thousands) | Volume | Rate | Total | ||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Loans receivable | $ | 14,765 | $ | (9,927) | $ | 4,838 | |||||||||||||||||||||||||||||
Mortgage-backed securities | (3,314) | 876 | (2,438) | ||||||||||||||||||||||||||||||||
Investments (1) | 371 | (153) | 218 | ||||||||||||||||||||||||||||||||
All interest-earning assets | 11,822 | (9,204) | 2,618 | ||||||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Customer accounts | 997 | (6,646) | (5,649) | ||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | (4,407) | (948) | (5,355) | ||||||||||||||||||||||||||||||||
All interest-bearing liabilities | (3,410) | (7,594) | (11,004) | ||||||||||||||||||||||||||||||||
Change in net interest income | $ | 15,232 | $ | (1,610) | $ | 13,622 |
Period |
Total Number of
Shares Purchased |
Average Price
Paid Per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plan (1) |
Maximum
Number of Shares That May Yet Be Purchased Under the Plan at the End of the Period |
|||||||||||||||||||
October 1, 2021 to October 31, 2021 | 80,108 | $ | 35.36 | 80,108 | 3,737,010 | ||||||||||||||||||
November 1, 2021 to November 30, 2021 | 2,989 | 35.66 | 2,989 | 3,734,021 | |||||||||||||||||||
December 1, 2021 to December 31, 2021 | 1,017 | 33.11 | 1,017 | 3,733,004 | |||||||||||||||||||
Total | 84,114 | $ | 35.34 | 84,114 | 3,733,004 |
(a) | Exhibits | |||||||||||||
31.1 *
|
||||||||||||||
31.2 *
|
||||||||||||||
32 *
|
||||||||||||||
101 * | Financial Statements from the Company’s Form 10-Q for the three months ended December 31, 2021 formatted in iXBRL | |||||||||||||
104 * | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||
* Filed herewith
|
January 31, 2022 |
/S/ BRENT J. BEARDALL
|
||||
BRENT J. BEARDALL
President & Chief Executive Officer |
|||||
January 31, 2022 |
/S/ VINCENT L. BEATTY
|
||||
VINCENT L. BEATTY
Executive Vice President and Chief Financial Officer |
|||||
January 31, 2022 |
/S/ CORY D. STEWART
|
||||
CORY D. STEWART
Senior Vice President and Principal Accounting Officer |
1 Year WaFd Chart |
1 Month WaFd Chart |
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