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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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United States of America
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52-2054948
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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7007 Broadway Avenue
Cleveland, Ohio
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44105
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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(do not check if a smaller reporting company)
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Smaller Reporting Company
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¨
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Page
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PART l – FINANCIAL INFORMATION
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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June 30,
2012 |
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September 30,
2011 |
||||
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ASSETS
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||||
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Cash and due from banks
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$
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42,597
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$
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35,532
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Other interest-earning cash equivalents
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275,755
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259,314
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Cash and cash equivalents
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318,352
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294,846
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Investment securities:
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Available for sale (amortized cost $381,372 and $15,760, respectively)
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384,479
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15,899
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Held to maturity (fair value $0 and $398,725, respectively)
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0
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392,527
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384,479
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408,426
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Mortgage loans held for sale, at lower of cost or market
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233,154
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0
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Loans held for investment, net:
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||||
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Mortgage loans
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10,240,417
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9,920,907
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Other loans
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4,908
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6,868
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Deferred loan fees, net
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(17,634
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)
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(19,854
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)
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Allowance for loan losses
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(107,374
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)
|
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(156,978
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)
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Loans, net
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10,120,317
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9,750,943
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Mortgage loan servicing assets, net
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21,805
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28,919
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Federal Home Loan Bank stock, at cost
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35,620
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35,620
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Real estate owned
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19,692
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19,155
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Premises, equipment, and software, net
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60,553
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59,487
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Accrued interest receivable
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35,152
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35,854
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Bank owned life insurance contracts
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175,620
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170,845
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Other assets
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90,253
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88,853
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TOTAL ASSETS
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$
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11,494,997
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$
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10,892,948
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Deposits
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$
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8,957,149
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$
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8,715,910
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Borrowed funds
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569,733
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139,856
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Borrowers’ advances for insurance and taxes
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32,814
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58,235
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Principal, interest, and related escrow owed on loans serviced
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94,539
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151,859
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Accrued expenses and other liabilities
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35,322
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53,164
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Total liabilities
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9,689,557
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9,119,024
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Commitments and contingent liabilities
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Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding
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0
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0
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Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares shares issued; 308,945,893 and 308,915,893 outstanding at June 30, 2012 and September 30, 2011, respectively
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3,323
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3,323
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Paid-in capital
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1,691,144
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1,686,216
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Treasury stock, at cost; 23,372,857 and 23,402,857 shares at June 30, 2012 and September 30, 2011, respectively
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(281,726
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)
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(282,090
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)
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Unallocated ESOP shares
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(75,834
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)
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(79,084
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)
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Retained earnings—substantially restricted
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472,185
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461,836
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Accumulated other comprehensive loss
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(3,652
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)
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(16,277
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)
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Total shareholders’ equity
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1,805,440
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1,773,924
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$
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11,494,997
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$
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10,892,948
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For the Three Months Ended
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For the Nine Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2012
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2011
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2012
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2011
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INTEREST INCOME:
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Loans, including fees
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$
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102,143
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$
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103,845
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$
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308,046
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$
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309,439
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Investment securities available for sale
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543
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43
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613
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198
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||||
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Investment securities held to maturity
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973
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2,871
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4,245
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9,001
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||||
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Other interest and dividend earning assets
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566
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|
527
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|
1,674
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1,822
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||||
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Total interest and dividend income
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104,225
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107,286
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314,578
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320,460
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INTEREST EXPENSE:
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Deposits
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37,704
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43,723
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116,800
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135,387
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||||
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Borrowed funds
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657
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|
518
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1,874
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1,441
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||||
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Total interest expense
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38,361
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44,241
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118,674
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136,828
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||||
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NET INTEREST INCOME
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65,864
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63,045
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195,904
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183,632
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||||
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PROVISION FOR LOAN LOSSES
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31,000
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22,500
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73,000
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|
79,500
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||||
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NET INTEREST INCOME AFTER PROVISION FOR
|
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||||||||
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LOAN LOSSES
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34,864
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|
40,545
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122,904
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|
104,132
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|
||||
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NON-INTEREST INCOME
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||||||||
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Fees and service charges, net of amortization
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2,960
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4,507
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9,057
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|
|
11,829
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|
||||
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Increase in bank owned life insurance contracts
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1,607
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|
1,621
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|
4,829
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|
|
4,840
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|
||||
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(Loss) income on private equity investments
|
(35
|
)
|
|
763
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|
|
60
|
|
|
977
|
|
||||
|
Other
|
1,779
|
|
|
1,868
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|
4,485
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|
|
6,199
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|
||||
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Total non-interest income
|
6,311
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|
|
8,759
|
|
|
18,431
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|
|
23,845
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|
||||
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NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
|
Salaries and employee benefits
|
18,375
|
|
|
19,694
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|
59,809
|
|
|
56,994
|
|
||||
|
Marketing services
|
2,376
|
|
|
2,102
|
|
|
7,130
|
|
|
6,306
|
|
||||
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Office property, equipment and software
|
5,392
|
|
|
4,986
|
|
|
15,463
|
|
|
14,983
|
|
||||
|
Federal insurance premium and assessments
|
3,390
|
|
|
2,759
|
|
|
10,779
|
|
|
14,591
|
|
||||
|
State franchise tax
|
1,672
|
|
|
1,459
|
|
|
4,377
|
|
|
3,826
|
|
||||
|
Real estate owned expense, net
|
2,424
|
|
|
1,994
|
|
|
6,431
|
|
|
5,906
|
|
||||
|
Appraisal and other loan review expense
|
322
|
|
|
1,005
|
|
|
2,475
|
|
|
4,907
|
|
||||
|
Other operating expenses
|
6,791
|
|
|
5,553
|
|
|
20,077
|
|
|
18,958
|
|
||||
|
Total non-interest expense
|
40,742
|
|
|
39,552
|
|
|
126,541
|
|
|
126,471
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
433
|
|
|
9,752
|
|
|
14,794
|
|
|
1,506
|
|
||||
|
INCOME TAX (BENEFIT) EXPENSE
|
(459
|
)
|
|
3,767
|
|
|
4,421
|
|
|
645
|
|
||||
|
NET INCOME
|
$
|
892
|
|
|
$
|
5,985
|
|
|
$
|
10,373
|
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|
$
|
861
|
|
|
Earnings per share—basic and diluted
|
$
|
—
|
|
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$
|
0.02
|
|
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$
|
0.03
|
|
|
$
|
—
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|
|
Weighted average shares outstanding
|
|
|
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|
||||||||
|
Basic
|
301,274,602
|
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|
300,347,978
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|
301,157,535
|
|
|
300,234,492
|
|
||||
|
Diluted
|
301,936,577
|
|
|
301,147,673
|
|
|
301,681,201
|
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|
300,918,065
|
|
||||
|
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|
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|
|
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|
Accumulated other
comprehensive
income (loss)
|
|
|
||||||||||||
|
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Common
stock
|
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Paid-in
capital
|
|
Treasury
stock
|
|
Unallocated
common stock
held by ESOP
|
|
Retained
earnings
|
|
Unrealized
gains/(losses)
on securities
|
|
Pension
obligation
|
|
Total
shareholders’
equity
|
||||||||||
|
Balance at September 30, 2010
|
|
$
|
3,323
|
|
|
1,686,062
|
|
|
(288,366
|
)
|
|
(82,699
|
)
|
|
452,633
|
|
|
90
|
|
|
(18,146
|
)
|
|
$
|
1,752,897
|
|
|
Comprehensive income
|
|
|
|
|
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|
|
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|
||||||||||
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Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
861
|
|
|
—
|
|
|
—
|
|
|
861
|
|
||
|
Change in unrealized losses on securities available for sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
||
|
Change in pension obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,052
|
|
|
5,052
|
|
||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,882
|
|
|||||||||
|
ESOP shares allocated or committed to be released
|
|
—
|
|
|
(281
|
)
|
|
—
|
|
|
2,531
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,250
|
|
||
|
Compensation costs for stock-based plans
|
|
—
|
|
|
5,397
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,394
|
|
||
|
Excess tax effect from stock-based compensation
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
||
|
Treasury stock allocated to restricted stock plan
|
|
—
|
|
|
(581
|
)
|
|
572
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Balance at June 30, 2011
|
|
$
|
3,323
|
|
|
1,690,561
|
|
|
(287,797
|
)
|
|
(80,168
|
)
|
|
453,503
|
|
|
59
|
|
|
(13,094
|
)
|
|
$
|
1,766,387
|
|
|
Balance at September 30, 2011
|
|
$
|
3,323
|
|
|
1,686,216
|
|
|
(282,090
|
)
|
|
(79,084
|
)
|
|
461,836
|
|
|
90
|
|
|
(16,367
|
)
|
|
$
|
1,773,924
|
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,373
|
|
|
—
|
|
|
—
|
|
|
10,373
|
|
||
|
Change in unrealized gains on securities available for sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,931
|
|
|
—
|
|
|
1,931
|
|
||
|
Change in pension obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,694
|
|
|
10,694
|
|
||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,998
|
|
|||||||||
|
ESOP shares allocated or committed to be released
|
|
—
|
|
|
(235
|
)
|
|
—
|
|
|
3,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,015
|
|
||
|
Compensation costs for stock-based plans
|
|
—
|
|
|
5,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,503
|
|
||
|
Treasury stock allocated to restricted stock plan
|
|
—
|
|
|
(340
|
)
|
|
364
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Balance at June 30, 2012
|
|
$
|
3,323
|
|
|
1,691,144
|
|
|
(281,726
|
)
|
|
(75,834
|
)
|
|
472,185
|
|
|
2,021
|
|
|
(5,673
|
)
|
|
$
|
1,805,440
|
|
|
|
|
For the Nine Months Ended
|
||||||
|
|
|
June 30,
|
||||||
|
|
|
2012
|
|
2011
|
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
|
Net income
|
|
$
|
10,373
|
|
|
$
|
861
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
|
ESOP and stock-based compensation expense
|
|
8,518
|
|
|
7,644
|
|
||
|
Depreciation and amortization
|
|
14,397
|
|
|
15,380
|
|
||
|
Deferred income tax (benefit) expense
|
|
(500
|
)
|
|
400
|
|
||
|
Provision for loan losses
|
|
73,000
|
|
|
79,500
|
|
||
|
Net gain on the sale of loans
|
|
—
|
|
|
(490
|
)
|
||
|
Other net losses
|
|
1,720
|
|
|
3,283
|
|
||
|
Principal repayments on loans held for sale
|
|
12,766
|
|
|
0
|
|
||
|
Increase in bank owned life insurance contracts
|
|
(4,822
|
)
|
|
(4,846
|
)
|
||
|
Net (increase) decrease in interest receivable and other assets
|
|
(9,317
|
)
|
|
5,992
|
|
||
|
Net (decrease) increase in accrued expenses and other liabilities
|
|
(1,388
|
)
|
|
48,450
|
|
||
|
Other
|
|
557
|
|
|
662
|
|
||
|
Net cash provided by operating activities
|
|
105,304
|
|
|
156,836
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
|
Loans originated
|
|
(2,299,916
|
)
|
|
(1,993,393
|
)
|
||
|
Principal repayments on loans
|
|
1,591,983
|
|
|
1,371,213
|
|
||
|
Proceeds from principal repayments and maturities of:
|
|
|
|
|
||||
|
Securities available for sale
|
|
19,495
|
|
|
10,102
|
|
||
|
Securities held to maturity
|
|
139,533
|
|
|
214,681
|
|
||
|
Proceeds from sale of:
|
|
|
|
|
||||
|
Loans
|
|
—
|
|
|
33,722
|
|
||
|
Real estate owned
|
|
16,950
|
|
|
11,201
|
|
||
|
Purchases of:
|
|
|
|
|
||||
|
Securities available for sale
|
|
(41,919
|
)
|
|
(2,288
|
)
|
||
|
Securities held to maturity
|
|
(93,509
|
)
|
|
(12,424
|
)
|
||
|
Premises and equipment
|
|
(2,755
|
)
|
|
(2,279
|
)
|
||
|
Other
|
|
(35
|
)
|
|
(853
|
)
|
||
|
Net cash used in investing activities
|
|
(670,173
|
)
|
|
(370,318
|
)
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
|
Net increase (decrease) in deposits
|
|
241,239
|
|
|
(150,045
|
)
|
||
|
Net decrease in borrowers’ advances for insurance and taxes
|
|
(25,421
|
)
|
|
(22,584
|
)
|
||
|
Net decrease in principal and interest owed on loans serviced
|
|
(57,320
|
)
|
|
(194,995
|
)
|
||
|
Net increase in short term borrowed funds
|
|
427,877
|
|
|
100,016
|
|
||
|
Proceeds from long term borrowed funds
|
|
5,000
|
|
|
29,955
|
|
||
|
Repayment of long term borrowed funds
|
|
(3,000
|
)
|
|
(15,000
|
)
|
||
|
Excess tax benefit related to stock-based compensation
|
|
—
|
|
|
(36
|
)
|
||
|
Net cash provided by (used in) financing activities
|
|
588,375
|
|
|
(252,689
|
)
|
||
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
23,506
|
|
|
(466,171
|
)
|
||
|
CASH AND CASH EQUIVALENTS—Beginning of period
|
|
294,846
|
|
|
743,740
|
|
||
|
CASH AND CASH EQUIVALENTS—End of period
|
|
$
|
318,352
|
|
|
$
|
277,569
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid for interest on deposits
|
|
$
|
117,280
|
|
|
$
|
136,097
|
|
|
Cash paid for interest on borrowed funds
|
|
1,874
|
|
|
1,418
|
|
||
|
Cash paid for income taxes
|
|
15,694
|
|
|
4,500
|
|
||
|
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
||||
|
Transfer of loans to real estate owned
|
|
17,191
|
|
|
17,700
|
|
||
|
Transfer of loans from held for sale to held for investment
|
|
—
|
|
|
25,027
|
|
||
|
Transfer of loans from held for investment to held for sale
|
|
245,920
|
|
|
—
|
|
||
|
Transfer of investments from held to maturity to available for sale
|
|
343,687
|
|
|
—
|
|
||
|
|
|
1.
|
BASIS OF PRESENTATION
|
|
2.
|
EARNINGS PER SHARE
|
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||
|
|
|
2012
|
|
2011
|
||||||||||||||||||
|
|
|
Income
|
|
Shares
|
|
Per share
amount
|
|
Income
|
|
Shares
|
|
Per share
amount
|
||||||||||
|
|
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
Net income
|
|
$
|
892
|
|
|
|
|
|
|
$
|
5,985
|
|
|
|
|
|
||||||
|
Less: income allocated to restricted stock units
|
|
5
|
|
|
|
|
|
|
33
|
|
|
|
|
|
||||||||
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income available to common shareholders
|
|
$
|
887
|
|
|
301,274,602
|
|
|
$
|
0.00
|
|
|
$
|
5,952
|
|
|
300,347,978
|
|
|
$
|
0.02
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Effect of dilutive potential common shares
|
|
|
|
661,975
|
|
|
|
|
|
|
799,695
|
|
|
|
||||||||
|
Income available to common shareholders
|
|
$
|
887
|
|
|
301,936,577
|
|
|
$
|
0.00
|
|
|
$
|
5,952
|
|
|
301,147,673
|
|
|
$
|
0.02
|
|
|
|
|
For the Nine Months Ended June 30,
|
||||||||||||||||||||
|
|
|
2012
|
|
2011
|
||||||||||||||||||
|
|
|
Income
|
|
Shares
|
|
Per share
amount
|
|
Income
|
|
Shares
|
|
Per share
amount
|
||||||||||
|
|
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
Net income
|
|
$
|
10,373
|
|
|
|
|
|
|
$
|
861
|
|
|
|
|
|
||||||
|
Less: income allocated to restricted stock units
|
|
55
|
|
|
|
|
|
|
5
|
|
|
|
|
|
||||||||
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income available to common shareholders
|
|
$
|
10,318
|
|
|
301,157,535
|
|
|
$
|
0.03
|
|
|
$
|
856
|
|
|
300,234,492
|
|
|
$
|
0.00
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Effect of dilutive potential common shares
|
|
|
|
523,666
|
|
|
|
|
|
|
683,573
|
|
|
|
||||||||
|
Income available to common shareholders
|
|
$
|
10,318
|
|
|
301,681,201
|
|
|
$
|
0.03
|
|
|
$
|
856
|
|
|
300,918,065
|
|
|
$
|
0.00
|
|
|
3.
|
INVESTMENT SECURITIES
|
|
|
|
June 30, 2012
|
||||||||||||||
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
|
|
Fair
Value
|
||||||||||
|
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. government and agency obligations
|
|
$
|
2,000
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
2,050
|
|
|
Freddie Mac certificates
|
|
1,100
|
|
|
47
|
|
|
—
|
|
|
1,147
|
|
||||
|
Ginnie Mae certificates
|
|
16,904
|
|
|
466
|
|
|
—
|
|
|
17,370
|
|
||||
|
Real estate mortgage investment conduits (REMICs)
|
|
346,170
|
|
|
2,254
|
|
|
(451
|
)
|
|
347,973
|
|
||||
|
Fannie Mae certificates
|
|
7,267
|
|
|
741
|
|
|
—
|
|
|
8,008
|
|
||||
|
Money market accounts
|
|
7,931
|
|
|
—
|
|
|
—
|
|
|
7,931
|
|
||||
|
Total
|
|
$
|
381,372
|
|
|
$
|
3,558
|
|
|
$
|
(451
|
)
|
|
$
|
384,479
|
|
|
|
|
September 30, 2011
|
||||||||||||||
|
|
|
Amortized
Cost |
|
Gross
Unrealized |
|
Fair
Value |
||||||||||
|
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. government and agency obligations
|
|
$
|
2,000
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
2,046
|
|
|
REMICs
|
|
5,244
|
|
|
93
|
|
|
—
|
|
|
5,337
|
|
||||
|
Money market accounts
|
|
8,516
|
|
|
—
|
|
|
—
|
|
|
8,516
|
|
||||
|
Total
|
|
$
|
15,760
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
15,899
|
|
|
|
|
September 30, 2011
|
||||||||||||||
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
|
|
Fair
Value
|
||||||||||
|
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
Freddie Mac certificates
|
|
$
|
2,724
|
|
|
$
|
118
|
|
|
$
|
—
|
|
|
$
|
2,842
|
|
|
Ginnie Mae certificates
|
|
19,532
|
|
|
501
|
|
|
—
|
|
|
20,033
|
|
||||
|
REMICs
|
|
362,489
|
|
|
4,837
|
|
|
(58
|
)
|
|
367,268
|
|
||||
|
Fannie Mae certificates
|
|
7,782
|
|
|
800
|
|
|
—
|
|
|
8,582
|
|
||||
|
Total
|
|
$
|
392,527
|
|
|
$
|
6,256
|
|
|
$
|
(58
|
)
|
|
$
|
398,725
|
|
|
|
June 30, 2012
|
||||||||||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
||||||||||||
|
Available for sale—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
REMICs
|
$
|
84,153
|
|
|
$
|
439
|
|
|
$
|
6,204
|
|
|
$
|
12
|
|
|
$
|
90,357
|
|
|
$
|
451
|
|
|
Total
|
$
|
84,153
|
|
|
$
|
439
|
|
|
$
|
6,204
|
|
|
$
|
12
|
|
|
$
|
90,357
|
|
|
$
|
451
|
|
|
|
September 30, 2011
|
||||||||||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
|
Unrealized Loss
|
||||||||||||
|
Held to maturity—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
REMICs
|
$
|
5,961
|
|
|
$
|
29
|
|
|
$
|
11,353
|
|
|
$
|
29
|
|
|
$
|
17,314
|
|
|
$
|
58
|
|
|
Total
|
$
|
5,961
|
|
|
$
|
29
|
|
|
$
|
11,353
|
|
|
$
|
29
|
|
|
$
|
17,314
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
4.
|
LOANS AND ALLOWANCE FOR LOAN LOSSES
|
|
|
|
June 30,
2012 |
|
September 30,
2011 |
||||
|
Real estate loans:
|
|
|
|
|
||||
|
Residential non-Home Today
|
|
$
|
7,747,541
|
|
|
$
|
7,120,789
|
|
|
Residential Home Today
|
|
221,423
|
|
|
264,019
|
|
||
|
Home equity loans and lines of credit
|
|
2,239,014
|
|
|
2,491,198
|
|
||
|
Construction
|
|
66,262
|
|
|
82,048
|
|
||
|
Real estate loans
|
|
10,274,240
|
|
|
9,958,054
|
|
||
|
Consumer and other loans
|
|
4,908
|
|
|
6,868
|
|
||
|
Less:
|
|
|
|
|
||||
|
Deferred loan fees—net
|
|
(17,634
|
)
|
|
(19,854
|
)
|
||
|
Loans-in-process (“LIP”)
|
|
(33,823
|
)
|
|
(37,147
|
)
|
||
|
Allowance for loan losses
|
|
(107,374
|
)
|
|
(156,978
|
)
|
||
|
Loans held for investment, net
|
|
$
|
10,120,317
|
|
|
$
|
9,750,943
|
|
|
|
June 30,
2012 |
|
September 30,
2011 |
||||
|
Real estate loans:
|
|
|
|
||||
|
Residential non-Home Today
|
$
|
88,091
|
|
|
$
|
125,014
|
|
|
Residential Home Today
|
40,276
|
|
|
69,602
|
|
||
|
Home equity loans and lines of credit
|
25,255
|
|
|
36,872
|
|
||
|
Construction
|
381
|
|
|
3,770
|
|
||
|
Total real estate loans
|
154,003
|
|
|
235,258
|
|
||
|
Consumer and other loans
|
—
|
|
|
—
|
|
||
|
Total non-accrual loans
|
$
|
154,003
|
|
|
$
|
235,258
|
|
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
|
||||||||||||
|
June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
$
|
13,909
|
|
|
$
|
7,521
|
|
|
$
|
80,698
|
|
|
$
|
102,128
|
|
|
$
|
7,621,891
|
|
|
$
|
7,724,019
|
|
|
Residential Home Today
|
9,761
|
|
|
4,080
|
|
|
31,121
|
|
|
44,962
|
|
|
172,913
|
|
|
217,875
|
|
||||||
|
Home equity loans and lines of credit
|
7,686
|
|
|
5,132
|
|
|
16,238
|
|
|
29,056
|
|
|
2,219,925
|
|
|
2,248,981
|
|
||||||
|
Construction
|
—
|
|
|
20
|
|
|
381
|
|
|
401
|
|
|
31,507
|
|
|
31,908
|
|
||||||
|
Total real estate loans
|
31,356
|
|
|
16,753
|
|
|
128,438
|
|
|
176,547
|
|
|
10,046,236
|
|
|
10,222,783
|
|
||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,908
|
|
|
4,908
|
|
||||||
|
Total
|
$
|
31,356
|
|
|
$
|
16,753
|
|
|
$
|
128,438
|
|
|
$
|
176,547
|
|
|
$
|
10,051,144
|
|
|
$
|
10,227,691
|
|
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
|
||||||||||||
|
September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
$
|
19,509
|
|
|
$
|
9,818
|
|
|
$
|
118,517
|
|
|
$
|
147,844
|
|
|
$
|
6,942,424
|
|
|
$
|
7,090,268
|
|
|
Residential Home Today
|
12,399
|
|
|
7,131
|
|
|
59,985
|
|
|
79,515
|
|
|
183,372
|
|
|
262,887
|
|
||||||
|
Home equity loans and lines of credit
|
11,299
|
|
|
6,126
|
|
|
36,521
|
|
|
53,946
|
|
|
2,449,707
|
|
|
2,503,653
|
|
||||||
|
Construction
|
72
|
|
|
—
|
|
|
3,770
|
|
|
3,842
|
|
|
40,403
|
|
|
44,245
|
|
||||||
|
Total real estate loans
|
43,279
|
|
|
23,075
|
|
|
218,793
|
|
|
285,147
|
|
|
9,615,906
|
|
|
9,901,053
|
|
||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,868
|
|
|
6,868
|
|
||||||
|
Total
|
$
|
43,279
|
|
|
$
|
23,075
|
|
|
$
|
218,793
|
|
|
$
|
285,147
|
|
|
$
|
9,622,774
|
|
|
$
|
9,907,921
|
|
|
|
For the Three Months Ended June 30, 2012
|
||||||||||||||||||
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
$
|
30,302
|
|
|
$
|
12,897
|
|
|
$
|
(9,401
|
)
|
|
$
|
265
|
|
|
$
|
34,063
|
|
|
Residential Home Today
|
20,118
|
|
|
7,678
|
|
|
(5,188
|
)
|
|
10
|
|
|
22,618
|
|
|||||
|
Home equity loans and lines of credit
|
49,331
|
|
|
11,148
|
|
|
(11,194
|
)
|
|
662
|
|
|
49,947
|
|
|||||
|
Construction
|
1,545
|
|
|
(723
|
)
|
|
(76
|
)
|
|
—
|
|
|
746
|
|
|||||
|
Total real estate loans
|
101,296
|
|
|
31,000
|
|
|
(25,859
|
)
|
|
937
|
|
|
107,374
|
|
|||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
$
|
101,296
|
|
|
$
|
31,000
|
|
|
$
|
(25,859
|
)
|
|
$
|
937
|
|
|
$
|
107,374
|
|
|
|
|
For the Three Months Ended June 30, 2011
|
||||||||||||||||||
|
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
49,419
|
|
|
$
|
5,312
|
|
|
$
|
(5,067
|
)
|
|
$
|
131
|
|
|
$
|
49,795
|
|
|
Residential Home Today
|
|
24,685
|
|
|
4,810
|
|
|
(2,239
|
)
|
|
25
|
|
|
27,281
|
|
|||||
|
Home equity loans and lines of credit
|
|
72,510
|
|
|
11,830
|
|
|
(12,970
|
)
|
|
484
|
|
|
71,854
|
|
|||||
|
Construction
|
|
4,132
|
|
|
548
|
|
|
(308
|
)
|
|
2
|
|
|
4,374
|
|
|||||
|
Total real estate loans
|
|
150,746
|
|
|
22,500
|
|
|
(20,584
|
)
|
|
642
|
|
|
153,304
|
|
|||||
|
Consumer and other loans
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
|
Total
|
|
$
|
150,747
|
|
|
$
|
22,500
|
|
|
$
|
(20,584
|
)
|
|
$
|
642
|
|
|
$
|
153,305
|
|
|
|
|
For the Nine Months Ended June 30, 2012
|
||||||||||||||||||
|
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
49,484
|
|
|
$
|
28,537
|
|
|
$
|
(44,565
|
)
|
|
$
|
607
|
|
|
$
|
34,063
|
|
|
Residential Home Today
|
|
31,025
|
|
|
26,395
|
|
|
(34,896
|
)
|
|
94
|
|
|
22,618
|
|
|||||
|
Home equity loans and lines of credit
|
|
74,071
|
|
|
18,455
|
|
|
(44,767
|
)
|
|
2,188
|
|
|
49,947
|
|
|||||
|
Construction
|
|
2,398
|
|
|
(387
|
)
|
|
(1,268
|
)
|
|
3
|
|
|
746
|
|
|||||
|
Total real estate loans
|
|
156,978
|
|
|
73,000
|
|
|
(125,496
|
)
|
|
2,892
|
|
|
107,374
|
|
|||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
|
$
|
156,978
|
|
|
$
|
73,000
|
|
|
$
|
(125,496
|
)
|
|
$
|
2,892
|
|
|
$
|
107,374
|
|
|
|
|
For the Nine Months Ended June 30, 2011
|
||||||||||||||||||
|
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
41,246
|
|
|
$
|
21,281
|
|
|
$
|
(13,027
|
)
|
|
$
|
295
|
|
|
$
|
49,795
|
|
|
Residential Home Today
|
|
13,331
|
|
|
19,451
|
|
|
(5,586
|
)
|
|
85
|
|
|
27,281
|
|
|||||
|
Home equity loans and lines of credit
|
|
73,780
|
|
|
38,520
|
|
|
(41,743
|
)
|
|
1,297
|
|
|
71,854
|
|
|||||
|
Construction
|
|
4,882
|
|
|
248
|
|
|
(791
|
)
|
|
35
|
|
|
4,374
|
|
|||||
|
Total real estate loans
|
|
133,239
|
|
|
79,500
|
|
|
(61,147
|
)
|
|
1,712
|
|
|
153,304
|
|
|||||
|
Consumer and other loans
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
|
Total
|
|
$
|
133,240
|
|
|
$
|
79,500
|
|
|
$
|
(61,147
|
)
|
|
$
|
1,712
|
|
|
$
|
153,305
|
|
|
|
|
June 30, 2012
|
|
September 30, 2011
|
||||||||||||||||||||
|
|
|
Individually
|
|
Collectively
|
|
Total
|
|
Individually
|
|
Collectively
|
|
Total
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
138,445
|
|
|
$
|
7,585,574
|
|
|
$
|
7,724,019
|
|
|
$
|
159,924
|
|
|
$
|
6,930,344
|
|
|
$
|
7,090,268
|
|
|
Residential Home Today
|
|
100,693
|
|
|
117,182
|
|
|
217,875
|
|
|
134,381
|
|
|
128,506
|
|
|
262,887
|
|
||||||
|
Home equity loans and lines of credit
|
|
23,295
|
|
|
2,225,686
|
|
|
2,248,981
|
|
|
39,738
|
|
|
2,463,915
|
|
|
2,503,653
|
|
||||||
|
Construction
|
|
1,613
|
|
|
30,295
|
|
|
31,908
|
|
|
5,729
|
|
|
38,516
|
|
|
44,245
|
|
||||||
|
Total real estate loans
|
|
264,046
|
|
|
9,958,737
|
|
|
10,222,783
|
|
|
339,772
|
|
|
9,561,281
|
|
|
9,901,053
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
4,908
|
|
|
4,908
|
|
|
—
|
|
|
6,868
|
|
|
6,868
|
|
||||||
|
Total
|
|
$
|
264,046
|
|
|
$
|
9,963,645
|
|
|
$
|
10,227,691
|
|
|
$
|
339,772
|
|
|
$
|
9,568,149
|
|
|
$
|
9,907,921
|
|
|
|
|
June 30, 2012
|
|
September 30, 2011
|
||||||||||||||||||||
|
|
|
Individually
|
|
Collectively
|
|
Total
|
|
Individually
|
|
Collectively
|
|
Total
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
5,420
|
|
|
$
|
28,643
|
|
|
$
|
34,063
|
|
|
$
|
25,395
|
|
|
$
|
24,089
|
|
|
$
|
49,484
|
|
|
Residential Home Today
|
|
8,383
|
|
|
14,235
|
|
|
22,618
|
|
|
21,938
|
|
|
9,087
|
|
|
31,025
|
|
||||||
|
Home equity loans and lines of credit
|
|
2,773
|
|
|
47,174
|
|
|
49,947
|
|
|
14,324
|
|
|
59,747
|
|
|
74,071
|
|
||||||
|
Construction
|
|
46
|
|
|
700
|
|
|
746
|
|
|
1,255
|
|
|
1,143
|
|
|
2,398
|
|
||||||
|
Total real estate loans
|
|
16,622
|
|
|
90,752
|
|
|
107,374
|
|
|
62,912
|
|
|
94,066
|
|
|
156,978
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
16,622
|
|
|
$
|
90,752
|
|
|
$
|
107,374
|
|
|
$
|
62,912
|
|
|
$
|
94,066
|
|
|
$
|
156,978
|
|
|
|
|
June 30, 2012
|
|
September 30, 2011
|
||||||||||||||||||||
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
77,263
|
|
|
$
|
103,346
|
|
|
$
|
—
|
|
|
$
|
32,713
|
|
|
$
|
32,854
|
|
|
$
|
—
|
|
|
Residential Home Today
|
|
36,563
|
|
|
64,259
|
|
|
—
|
|
|
8,614
|
|
|
8,651
|
|
|
—
|
|
||||||
|
Home equity loans and lines of credit
|
|
17,941
|
|
|
25,984
|
|
|
—
|
|
|
12,121
|
|
|
12,061
|
|
|
—
|
|
||||||
|
Construction
|
|
1,201
|
|
|
1,574
|
|
|
—
|
|
|
798
|
|
|
804
|
|
|
—
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
132,968
|
|
|
$
|
195,163
|
|
|
$
|
—
|
|
|
$
|
54,246
|
|
|
$
|
54,370
|
|
|
$
|
—
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
61,182
|
|
|
$
|
63,004
|
|
|
$
|
5,420
|
|
|
$
|
127,211
|
|
|
$
|
127,758
|
|
|
$
|
25,395
|
|
|
Residential Home Today
|
|
64,130
|
|
|
65,666
|
|
|
8,383
|
|
|
125,767
|
|
|
126,309
|
|
|
21,938
|
|
||||||
|
Home equity loans and lines of credit
|
|
5,354
|
|
|
5,933
|
|
|
2,773
|
|
|
27,617
|
|
|
27,480
|
|
|
14,324
|
|
||||||
|
Construction
|
|
412
|
|
|
412
|
|
|
46
|
|
|
4,931
|
|
|
4,971
|
|
|
1,255
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
131,078
|
|
|
$
|
135,015
|
|
|
$
|
16,622
|
|
|
$
|
285,526
|
|
|
$
|
286,518
|
|
|
$
|
62,912
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
138,445
|
|
|
$
|
166,350
|
|
|
$
|
5,420
|
|
|
$
|
159,924
|
|
|
$
|
160,612
|
|
|
$
|
25,395
|
|
|
Residential Home Today
|
|
100,693
|
|
|
129,925
|
|
|
8,383
|
|
|
134,381
|
|
|
134,960
|
|
|
21,938
|
|
||||||
|
Home equity loans and lines of credit
|
|
23,295
|
|
|
31,917
|
|
|
2,773
|
|
|
39,738
|
|
|
39,541
|
|
|
14,324
|
|
||||||
|
Construction
|
|
1,613
|
|
|
1,986
|
|
|
46
|
|
|
5,729
|
|
|
5,775
|
|
|
1,255
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
264,046
|
|
|
$
|
330,178
|
|
|
$
|
16,622
|
|
|
$
|
339,772
|
|
|
$
|
340,888
|
|
|
$
|
62,912
|
|
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||
|
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
78,371
|
|
|
$
|
260
|
|
|
$
|
42,508
|
|
|
$
|
194
|
|
|
Residential Home Today
|
|
38,288
|
|
|
362
|
|
|
22,697
|
|
|
97
|
|
||||
|
Home equity loans and lines of credit
|
|
16,422
|
|
|
43
|
|
|
14,892
|
|
|
60
|
|
||||
|
Construction
|
|
829
|
|
|
16
|
|
|
218
|
|
|
1
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
133,910
|
|
|
$
|
681
|
|
|
$
|
80,315
|
|
|
$
|
352
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
60,616
|
|
|
$
|
789
|
|
|
$
|
115,134
|
|
|
$
|
703
|
|
|
Residential Home Today
|
|
65,541
|
|
|
693
|
|
|
111,846
|
|
|
796
|
|
||||
|
Home equity loans and lines of credit
|
|
5,425
|
|
|
51
|
|
|
29,526
|
|
|
75
|
|
||||
|
Construction
|
|
633
|
|
|
4
|
|
|
6,835
|
|
|
29
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Total
|
|
$
|
132,215
|
|
|
$
|
1,537
|
|
|
$
|
263,342
|
|
|
$
|
1,603
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
138,987
|
|
|
$
|
1,049
|
|
|
$
|
157,642
|
|
|
$
|
897
|
|
|
Residential Home Today
|
|
103,829
|
|
|
1,055
|
|
|
134,543
|
|
|
893
|
|
||||
|
Home equity loans and lines of credit
|
|
21,847
|
|
|
94
|
|
|
44,418
|
|
|
135
|
|
||||
|
Construction
|
|
1,462
|
|
|
20
|
|
|
7,053
|
|
|
30
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Total
|
|
$
|
266,125
|
|
|
$
|
2,218
|
|
|
$
|
343,657
|
|
|
$
|
1,955
|
|
|
|
|
For the Nine Months Ended June 30,
|
||||||||||||||
|
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
54,988
|
|
|
$
|
764
|
|
|
$
|
42,018
|
|
|
$
|
194
|
|
|
Residential Home Today
|
|
22,589
|
|
|
1,064
|
|
|
27,948
|
|
|
97
|
|
||||
|
Home equity loans and lines of credit
|
|
15,031
|
|
|
134
|
|
|
17,415
|
|
|
60
|
|
||||
|
Construction
|
|
1,000
|
|
|
29
|
|
|
216
|
|
|
1
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
93,608
|
|
|
$
|
1,991
|
|
|
$
|
87,597
|
|
|
$
|
352
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
94,197
|
|
|
$
|
2,275
|
|
|
$
|
110,912
|
|
|
$
|
1,810
|
|
|
Residential Home Today
|
|
94,949
|
|
|
1,970
|
|
|
104,453
|
|
|
1,855
|
|
||||
|
Home equity loans and lines of credit
|
|
16,486
|
|
|
131
|
|
|
31,474
|
|
|
176
|
|
||||
|
Construction
|
|
2,672
|
|
|
32
|
|
|
7,025
|
|
|
47
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Total
|
|
$
|
208,304
|
|
|
$
|
4,408
|
|
|
$
|
253,865
|
|
|
$
|
3,888
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
149,185
|
|
|
$
|
3,039
|
|
|
$
|
152,930
|
|
|
$
|
2,004
|
|
|
Residential Home Today
|
|
117,538
|
|
|
3,034
|
|
|
132,401
|
|
|
1,952
|
|
||||
|
Home equity loans and lines of credit
|
|
31,517
|
|
|
265
|
|
|
48,889
|
|
|
236
|
|
||||
|
Construction
|
|
3,672
|
|
|
61
|
|
|
7,241
|
|
|
48
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
Total
|
|
$
|
301,912
|
|
|
$
|
6,399
|
|
|
$
|
341,462
|
|
|
$
|
4,240
|
|
|
|
|
For the Three Months Ended June 30, 2012
|
||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
1,378
|
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
2,013
|
|
|
$
|
592
|
|
|
$
|
4,099
|
|
|
Residential Home Today
|
|
74
|
|
|
—
|
|
|
134
|
|
|
—
|
|
|
451
|
|
|
659
|
|
||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
141
|
|
|
152
|
|
||||||
|
Total
|
|
$
|
1,452
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
$
|
2,024
|
|
|
$
|
1,184
|
|
|
$
|
4,910
|
|
|
|
|
For the Nine Months Ended June 30, 2012
|
||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
6,706
|
|
|
$
|
259
|
|
|
$
|
1,477
|
|
|
$
|
6,404
|
|
|
$
|
2,152
|
|
|
$
|
16,998
|
|
|
Residential Home Today
|
|
1,434
|
|
|
—
|
|
|
1,367
|
|
|
1,720
|
|
|
3,113
|
|
|
7,634
|
|
||||||
|
Home equity loans and lines of credit
|
|
24
|
|
|
—
|
|
|
61
|
|
|
24
|
|
|
299
|
|
|
408
|
|
||||||
|
Total
|
|
$
|
8,164
|
|
|
$
|
259
|
|
|
$
|
2,905
|
|
|
$
|
8,148
|
|
|
$
|
5,564
|
|
|
$
|
25,040
|
|
|
|
|
For the Three Months Ended June 30, 2011
|
||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
1,745
|
|
|
$
|
597
|
|
|
$
|
615
|
|
|
$
|
1,467
|
|
|
$
|
1,099
|
|
|
$
|
5,523
|
|
|
Residential Home Today
|
|
2,932
|
|
|
93
|
|
|
1,424
|
|
|
1,731
|
|
|
3,934
|
|
|
10,114
|
|
||||||
|
Home equity loans and lines of credit
|
|
84
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
63
|
|
|
314
|
|
||||||
|
Total
|
|
$
|
4,761
|
|
|
$
|
690
|
|
|
$
|
2,039
|
|
|
$
|
3,365
|
|
|
$
|
5,096
|
|
|
$
|
15,951
|
|
|
|
|
For the Nine Months Ended June 30, 2011
|
||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
6,918
|
|
|
$
|
872
|
|
|
$
|
5,158
|
|
|
$
|
2,277
|
|
|
$
|
4,093
|
|
|
$
|
19,318
|
|
|
Residential Home Today
|
|
7,603
|
|
|
408
|
|
|
5,240
|
|
|
3,323
|
|
|
5,278
|
|
|
21,852
|
|
||||||
|
Home equity loans and lines of credit
|
|
84
|
|
|
—
|
|
|
127
|
|
|
167
|
|
|
166
|
|
|
544
|
|
||||||
|
Total
|
|
$
|
14,605
|
|
|
$
|
1,280
|
|
|
$
|
10,525
|
|
|
$
|
5,767
|
|
|
$
|
9,537
|
|
|
$
|
41,714
|
|
|
|
|
For the Three Months Ended June 30, 2012
|
|
For the Nine Months Ended June 30, 2012
|
||||||||||
|
Troubled Debt Restructurings That Subsequently Defaulted
|
|
Number of
Contracts
|
|
Recorded
Investment
|
|
Number of
Contracts
|
|
Recorded
Investment
|
||||||
|
|
|
(Dollars in thousands)
|
|
(Dollars in thousands)
|
||||||||||
|
Residential non-Home Today
|
|
7
|
|
|
$
|
861
|
|
|
8
|
|
|
$
|
1,129
|
|
|
Residential Home Today
|
|
30
|
|
|
2,168
|
|
|
34
|
|
|
2,451
|
|
||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
37
|
|
|
$
|
3,029
|
|
|
42
|
|
|
$
|
3,580
|
|
|
|
|
For the Three Months Ended June 30, 2011
|
|
For the Nine Months Ended June 30, 2011
|
||||||||||
|
Troubled Debt Restructurings That Subsequently Defaulted
|
|
Number of
Contracts
|
|
Recorded
Investment
|
|
Number of
Contracts
|
|
Recorded
Investment
|
||||||
|
|
|
(Dollars in thousands)
|
|
(Dollars in thousands)
|
||||||||||
|
Residential non-Home Today
|
|
18
|
|
|
$
|
2,800
|
|
|
23
|
|
|
$
|
3,548
|
|
|
Residential Home Today
|
|
52
|
|
|
5,681
|
|
|
65
|
|
|
7,020
|
|
||
|
Home equity loans and lines of credit
|
|
3
|
|
|
365
|
|
|
4
|
|
|
409
|
|
||
|
Total
|
|
73
|
|
|
$
|
8,846
|
|
|
92
|
|
|
$
|
10,977
|
|
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Loss
|
|
Total
|
||||||||||
|
June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
7,633,916
|
|
|
$
|
—
|
|
|
$
|
90,103
|
|
|
$
|
—
|
|
|
$
|
7,724,019
|
|
|
Residential Home Today
|
|
176,874
|
|
|
—
|
|
|
41,001
|
|
|
—
|
|
|
217,875
|
|
|||||
|
Home equity loans and lines of credit
|
|
2,211,689
|
|
|
10,619
|
|
|
26,673
|
|
|
—
|
|
|
2,248,981
|
|
|||||
|
Construction
|
|
30,707
|
|
|
—
|
|
|
1,201
|
|
|
—
|
|
|
31,908
|
|
|||||
|
Total
|
|
$
|
10,053,186
|
|
|
$
|
10,619
|
|
|
$
|
158,978
|
|
|
$
|
—
|
|
|
$
|
10,222,783
|
|
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Loss
|
|
Total
|
||||||||||
|
September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
6,963,582
|
|
|
$
|
—
|
|
|
$
|
104,290
|
|
|
$
|
22,396
|
|
|
$
|
7,090,268
|
|
|
Residential Home Today
|
|
192,034
|
|
|
—
|
|
|
52,719
|
|
|
18,134
|
|
|
262,887
|
|
|||||
|
Home equity loans and lines of credit
|
|
2,449,273
|
|
|
13,591
|
|
|
27,033
|
|
|
13,756
|
|
|
2,503,653
|
|
|||||
|
Construction
|
|
39,378
|
|
|
—
|
|
|
3,761
|
|
|
1,106
|
|
|
44,245
|
|
|||||
|
Total
|
|
$
|
9,644,267
|
|
|
$
|
13,591
|
|
|
$
|
187,803
|
|
|
$
|
55,392
|
|
|
$
|
9,901,053
|
|
|
|
|
June 30, 2012
|
|
September 30, 2011
|
||||
|
Performing
|
|
$
|
4,908
|
|
|
$
|
6,868
|
|
|
Nonperforming
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
4,908
|
|
|
$
|
6,868
|
|
|
5.
|
DEPOSITS
|
|
|
|
June 30,
2012 |
|
September 30,
2011 |
||||
|
Negotiable order of withdrawal accounts
|
|
$
|
1,011,759
|
|
|
$
|
975,443
|
|
|
Savings accounts
|
|
1,779,307
|
|
|
1,681,586
|
|
||
|
Certificates of deposit
|
|
6,165,520
|
|
|
6,057,838
|
|
||
|
|
|
8,956,586
|
|
|
8,714,867
|
|
||
|
Accrued interest
|
|
563
|
|
|
1,043
|
|
||
|
Total deposits
|
|
$
|
8,957,149
|
|
|
$
|
8,715,910
|
|
|
6.
|
INCOME TAXES
|
|
7.
|
DEFINED BENEFIT PLAN
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
Service cost
|
|
$
|
—
|
|
|
$
|
1,085
|
|
|
$
|
1,005
|
|
|
$
|
3,253
|
|
|
Interest cost
|
|
678
|
|
|
838
|
|
|
2,273
|
|
|
2,806
|
|
||||
|
Expected return on plan assets
|
|
(945
|
)
|
|
(841
|
)
|
|
(2,782
|
)
|
|
(2,524
|
)
|
||||
|
Amortization of net loss
|
|
57
|
|
|
205
|
|
|
515
|
|
|
1,081
|
|
||||
|
Amortization of prior service cost
|
|
—
|
|
|
(16
|
)
|
|
(15
|
)
|
|
(46
|
)
|
||||
|
Recognized net gain due to curtailment
|
|
—
|
|
|
—
|
|
|
(267
|
)
|
|
—
|
|
||||
|
Net periodic benefit cost
|
|
$
|
(210
|
)
|
|
$
|
1,271
|
|
|
$
|
729
|
|
|
$
|
4,570
|
|
|
8.
|
EQUITY INCENTIVE PLAN
|
|
9.
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
|
Fixed-rate mortgage loans
|
$
|
189,289
|
|
|
Adjustable-rate mortgage loans
|
235,826
|
|
|
|
Equity and bridge loans
|
3,295
|
|
|
|
Total
|
$
|
428,410
|
|
|
Home equity lines of credit (excluding commitments for suspended accounts)
|
$
|
1,354,415
|
|
|
Construction loans
|
34,934
|
|
|
|
Private equity investments
|
13,813
|
|
|
|
Total
|
$
|
1,403,162
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
Balance, beginning of period
|
|
$
|
3,778
|
|
|
$
|
4,408
|
|
|
$
|
4,023
|
|
|
$
|
5,082
|
|
|
Incurred (decrease) increase
|
|
(1
|
)
|
|
(43
|
)
|
|
499
|
|
|
(185
|
)
|
||||
|
Paid claims
|
|
(347
|
)
|
|
(83
|
)
|
|
(1,092
|
)
|
|
(615
|
)
|
||||
|
Balance, end of period
|
|
$
|
3,430
|
|
|
$
|
4,282
|
|
|
$
|
3,430
|
|
|
$
|
4,282
|
|
|
10.
|
FAIR VALUE
|
|
Level 1 –
|
|
quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
|
Level 2
–
|
|
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market.
|
|
Level 3 –
|
|
a company’s own assumptions about how market participants would price an asset or liability.
|
|
|
|
|
Recurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
June 30,
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
2012
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
|
U.S. government and agency obligations
|
$
|
2,050
|
|
|
$
|
—
|
|
|
$
|
2,050
|
|
|
$
|
—
|
|
|
Freddie Mac certificates
|
1,147
|
|
|
—
|
|
|
1,147
|
|
|
—
|
|
||||
|
Ginnie Mae certificates
|
17,370
|
|
|
—
|
|
|
17,370
|
|
|
—
|
|
||||
|
REMIC’s
|
347,973
|
|
|
—
|
|
|
347,973
|
|
|
—
|
|
||||
|
Fannie Mae certificates
|
8,008
|
|
|
—
|
|
|
8,008
|
|
|
—
|
|
||||
|
Money market accounts
|
7,931
|
|
|
7,931
|
|
|
—
|
|
|
—
|
|
||||
|
Derivatives:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate lock commitments
|
500
|
|
|
—
|
|
|
—
|
|
|
500
|
|
||||
|
Total
|
$
|
384,979
|
|
|
$
|
7,931
|
|
|
$
|
376,548
|
|
|
$
|
500
|
|
|
|
|
|
Recurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
September 30,
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
2011
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
|
U.S. government and agency obligations
|
$
|
2,046
|
|
|
$
|
—
|
|
|
$
|
2,046
|
|
|
$
|
—
|
|
|
REMIC’s
|
5,337
|
|
|
—
|
|
|
5,337
|
|
|
—
|
|
||||
|
Money market accounts
|
8,516
|
|
|
8,516
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
$
|
15,899
|
|
|
$
|
8,516
|
|
|
$
|
7,383
|
|
|
$
|
—
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
Interest Rate Lock Commitment
|
|
Commitment to Sell Mortgage Loans
|
|
Interest Rate Lock Commitment
|
|
Commitment to Sell Mortgage Loans
|
||||||||
|
Beginning balance
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total gains for the period:
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
500
|
|
|
5
|
|
|
500
|
|
|
—
|
|
||||
|
Ending balance
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
Interest Rate Lock Commitment
|
|
Commitment to Sell Mortgage Loans
|
|
Interest Rate Lock Commitment
|
|
Commitment to Sell Mortgage Loans
|
||||||||
|
Classification of gains in earnings:
|
|
|
|
|
|
|
|
||||||||
|
Other income
|
$
|
500
|
|
|
$
|
5
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
Total gains
|
$
|
500
|
|
|
$
|
5
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
|
|
|
Nonrecurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
June 30,
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
2012
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Impaired loans, net of allowance
|
$
|
134,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
134,427
|
|
|
Real estate owned
1
|
15,327
|
|
|
—
|
|
|
—
|
|
|
15,327
|
|
||||
|
Total
|
$
|
149,754
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149,754
|
|
|
1
|
Amounts represent fair value measurements of properties before deducting estimated costs to sell.
|
|
|
|
|
Nonrecurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
September 30,
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
2011
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Impaired loans, net of allowance
|
$
|
145,698
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
145,698
|
|
|
Real estate owned
1
|
10,533
|
|
|
—
|
|
|
—
|
|
|
10,533
|
|
||||
|
Land held for development
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
||||
|
Total
|
$
|
156,342
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
156,342
|
|
|
1
|
Amounts represent fair value measurements of properties before deducting estimated costs to sell.
|
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
6/30/2012
|
|
Valuation Technique(s)
|
|
Unobservable Input
|
|
Range
|
|
Average
|
||
|
Impaired loans, net of allowance
|
$134,427
|
|
Market comparables of collateral discounted to estimated net proceeds
|
|
Discount appraised value to estimated net proceeds based on historical experience
|
|
|
|
|
|
|
|
|
|
• Residential Properties
|
|
0
|
-
|
24%
|
|
8.6%
|
|||
|
|
|
|
|
|
|
|
|||||
|
Real Estate
Owned |
$15,327
|
|
Market comparables, adjusted to reflect current economic and market conditions.
|
|
Discount on appraised value for recent market conditions:
|
|
|
|
|
|
|
|
|
|
• Properties appraised $0 to $50
|
|
0
|
-
|
75%
|
|
27.5%
|
|||
|
|
|
• Properties appraised greater than $50
|
|
0
|
-
|
41%
|
|
11.8%
|
|||
|
Derivatives
|
$500
|
|
Quoted Secondary Market pricing
|
|
Closure rate
|
|
0
|
-
|
100%
|
|
55.2%
|
|
|
June 30, 2012
|
||||||||||||||||||
|
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and due from banks
|
$
|
42,597
|
|
|
$
|
42,597
|
|
|
$
|
42,597
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other interest bearing cash equivalents
|
275,755
|
|
|
275,755
|
|
|
275,755
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for sale
|
384,479
|
|
|
384,479
|
|
|
7,931
|
|
|
376,548
|
|
|
—
|
|
|||||
|
Mortgage loans held for sale
|
233,154
|
|
|
243,339
|
|
|
—
|
|
|
243,339
|
|
|
—
|
|
|||||
|
Loans-net:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage loans held for investment
|
10,115,409
|
|
|
10,530,923
|
|
|
—
|
|
|
—
|
|
|
10,530,923
|
|
|||||
|
Other loans
|
4,908
|
|
|
5,280
|
|
|
—
|
|
|
—
|
|
|
5,280
|
|
|||||
|
Federal Home Loan Bank stock
|
35,620
|
|
|
35,620
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|||||
|
Private equity investments
|
1,047
|
|
|
1,047
|
|
|
—
|
|
|
—
|
|
|
1,047
|
|
|||||
|
Accrued interest receivable
|
35,152
|
|
|
35,152
|
|
|
—
|
|
|
35,152
|
|
|
—
|
|
|||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW and passbook accounts
|
$
|
2,791,066
|
|
|
$
|
2,791,066
|
|
|
$
|
—
|
|
|
$
|
2,791,066
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
6,166,083
|
|
|
6,392,895
|
|
|
—
|
|
|
6,392,895
|
|
|
—
|
|
|||||
|
Borrowed funds
|
569,733
|
|
|
573,244
|
|
|
—
|
|
|
573,244
|
|
|
—
|
|
|||||
|
Borrowers’ advances for taxes and insurance
|
32,814
|
|
|
32,814
|
|
|
—
|
|
|
32,814
|
|
|
—
|
|
|||||
|
Principal, interest and escrow owed on loans serviced
|
94,539
|
|
|
94,539
|
|
|
—
|
|
|
94,539
|
|
|
—
|
|
|||||
|
|
September 30, 2011
|
||||||||||||||||||
|
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and due from banks
|
$
|
35,532
|
|
|
$
|
35,532
|
|
|
$
|
35,532
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other interest bearing cash equivalents
|
259,314
|
|
|
259,314
|
|
|
259,314
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for sale
|
15,899
|
|
|
15,899
|
|
|
8,516
|
|
|
7,383
|
|
|
—
|
|
|||||
|
Held to maturity
|
392,527
|
|
|
398,725
|
|
|
—
|
|
|
398,725
|
|
|
—
|
|
|||||
|
Loans-net:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage loans held for investment
|
9,744,075
|
|
|
9,953,386
|
|
|
—
|
|
|
—
|
|
|
9,953,386
|
|
|||||
|
Other loans
|
6,868
|
|
|
7,597
|
|
|
—
|
|
|
—
|
|
|
7,597
|
|
|||||
|
Federal Home Loan Bank stock
|
35,620
|
|
|
35,620
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|||||
|
Private equity investments
|
1,604
|
|
|
1,604
|
|
|
—
|
|
|
—
|
|
|
1,604
|
|
|||||
|
Accrued interest receivable
|
35,854
|
|
|
35,854
|
|
|
—
|
|
|
35,854
|
|
|
—
|
|
|||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW and passbook accounts
|
$
|
2,657,029
|
|
|
$
|
2,657,029
|
|
|
$
|
—
|
|
|
$
|
2,657,029
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
6,058,881
|
|
|
6,248,137
|
|
|
—
|
|
|
6,248,137
|
|
|
—
|
|
|||||
|
Borrowed funds
|
139,856
|
|
|
142,889
|
|
|
—
|
|
|
142,889
|
|
|
—
|
|
|||||
|
Borrowers’ advances for taxes and insurance
|
58,235
|
|
|
58,235
|
|
|
—
|
|
|
58,235
|
|
|
—
|
|
|||||
|
Principal, interest and escrow owed on loans serviced
|
151,859
|
|
|
151,859
|
|
|
—
|
|
|
151,859
|
|
|
—
|
|
|||||
|
11.
|
DERIVATIVE INSTRUMENTS
|
|
|
|
|
At June 30, 2012
|
|
At September 30, 2011
|
||||||||
|
|
|
|
Location
|
|
Fair Value
|
|
Location
|
|
Fair Value
|
||||
|
Interest rate lock commitments
|
|
|
Other Assets
|
|
$
|
500
|
|
|
Other Assets
|
|
$
|
—
|
|
|
|
|
|
Amount of Gain or (Loss) Recognized in Income
on Derivative
|
||||||||||||||
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
Location of Gain or (Loss)
Recognized in Income
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
Interest rate lock commitments
|
Other income
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
Forward commitments for the sale of mortgage loans
|
Net gain on the sale of loans
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
|
$
|
500
|
|
|
$
|
5
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
12.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
|
•
|
significantly increased competition among depository and other financial institutions;
|
|
•
|
inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;
|
|
•
|
general economic conditions, either nationally or in our market areas, including employment prospects and conditions that are worse than expected;
|
|
•
|
decreased demand for our products and services and lower revenue and earnings because of a recession or other events;
|
|
•
|
adverse changes and volatility in the securities markets;
|
|
•
|
adverse changes and volatility in credit markets;
|
|
•
|
legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings and Loan Association of Cleveland, MHC to waive dividends;
|
|
•
|
our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any;
|
|
•
|
changes in consumer spending, borrowing and savings habits;
|
|
•
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board;
|
|
•
|
future adverse developments concerning Fannie Mae or Freddie Mac;
|
|
•
|
changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
|
|
•
|
changes in policy and/or assessment rates of taxing authorities that adversely affect us;
|
|
•
|
changes in expense trends (including, but not limited to, trends affecting non-performing assets, charge-offs and provisions for loan losses);
|
|
•
|
the impact of the continuing governmental effort to restructure the U.S. financial and regulatory system;
|
|
•
|
inability of third-party providers to perform their obligations to us;
|
|
•
|
adverse changes and volatility in real estate markets;
|
|
•
|
a slowing or failure of the moderate economic recovery;
|
|
•
|
the extensive reforms enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which will impact us;
|
|
•
|
the adoption of implementing regulations by a number of different regulatory bodies under the Dodd-Frank Act, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;
|
|
•
|
the impact of our coming under the jurisdiction of new federal regulators;
|
|
•
|
changes in our organization, or compensation and benefit plans;
|
|
•
|
the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and their impact on the credit quality of our loans and other assets; and
|
|
•
|
the ability of the U.S. Federal government to manage federal debt limits.
|
|
•
|
lower combined loan to value ("CLTV") ratios (80% in Ohio/Kentucky and 70% in Florida; prior programs extended to as high as 89.99%);
|
|
•
|
limited geographic offering (only Ohio, Kentucky and Florida; prior programs were offered nationwide);
|
|
•
|
the borrower is qualified using a principal and interest payment based on the current prime rate plus 2.00%, amortized for 20 years (prior programs qualified using the current prime rate);
|
|
•
|
the minimum credit score to qualify for the re-introduced home equity line of credit is 720 (our most recent prior home equity line of credit offering required a minimum credit score of 680); and
|
|
•
|
the term of the new home equity line of credit is a five year draw period, interest only payment, followed by a 20 year repayment period, principal and interest (prior program terms generally offered a 10 year draw period, interest only payment, followed by a 10 year repayment period, principal and interest).
|
|
(1)
|
specific allowances established for any impaired loans for which the recorded investment in the loan exceeded the measured value of the collateral (“specific valuation allowances” or “SVAs”) as well as allowances on individually reviewed loans dependent on cash flows, such as performing troubled debt restructurings, and a portion of the allowance on loans individually reviewed that represents further deterioration in the fair value of the collateral not yet identified as uncollectible ("individual valuation allowances" or "IVAs");
|
|
(2)
|
general allowances for loan losses for each loan type based on historical loan loss experience (“general valuation allowances” or “GVAs”); and
|
|
(3)
|
adjustments, which we describe as a market valuation adjustment, to historical loss experience (general allowances), maintained to cover uncertainties that affect our estimate of incurred probable losses for each loan type (“market valuation allowances” or “MVAs”).
|
|
•
|
the trending of delinquency statistics (both current and historical), including factors that influence the trending, particularly, as described in the following bullet points, in the context of regional economies, including local housing markets and employment;
|
|
•
|
the status of loans in foreclosure, real estate in judgment and real estate owned;
|
|
•
|
the uncertainty with respect to the status of home equity loan and line of credit borrowers’ performance on first lien obligations when the Association is not in the first lien position;
|
|
•
|
the composition of the loan portfolio;
|
|
•
|
historical loan loss experience and trends;
|
|
•
|
national, regional and local economic factors and trends;
|
|
•
|
national, regional and local housing market factors and trends;
|
|
•
|
the frequency and magnitude of re-modifications of loans previously the subject of troubled debt restructurings;
|
|
•
|
uncertainty surrounding borrowers’ ability to recover from temporary hardships for which short-term loan modifications are granted;
|
|
•
|
asset disposition loss statistics (both current and historical) and the trending of those statistics;
|
|
•
|
the current status of all assets classified during the immediately preceding meeting of the Asset Classification Committee; and
|
|
•
|
market conditions and regulatory directives that impact the entire financial services industry.
|
|
|
June 30, 2012
|
|
March 31, 2012
|
|
September 30, 2011
|
|
June 30, 2011
|
||||||||||||||||||||
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
$
|
5,979,015
|
|
|
|
|
$
|
5,821,200
|
|
|
|
|
$
|
5,691,614
|
|
|
|
|
$
|
5,595,578
|
|
|
|
||||
|
Florida
|
1,382,702
|
|
|
|
|
1,327,088
|
|
|
|
|
1,269,242
|
|
|
|
|
1,255,462
|
|
|
|
||||||||
|
Other
|
385,824
|
|
|
|
|
259,000
|
|
|
|
|
159,933
|
|
|
|
|
137,045
|
|
|
|
||||||||
|
Total Residential non-Home Today
|
7,747,541
|
|
|
75.3
|
%
|
|
7,407,288
|
|
|
74.0
|
%
|
|
7,120,789
|
|
|
71.5
|
%
|
|
6,988,085
|
|
|
70.5
|
%
|
||||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
212,287
|
|
|
|
|
221,144
|
|
|
|
|
252,879
|
|
|
|
|
256,444
|
|
|
|
||||||||
|
Florida
|
8,805
|
|
|
|
|
9,130
|
|
|
|
|
10,784
|
|
|
|
|
10,845
|
|
|
|
||||||||
|
Other
|
331
|
|
|
|
|
333
|
|
|
|
|
356
|
|
|
|
|
338
|
|
|
|
||||||||
|
Total Residential Home Today
|
221,423
|
|
|
2.2
|
|
|
230,607
|
|
|
2.3
|
|
|
264,019
|
|
|
2.6
|
|
|
267,627
|
|
|
2.7
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
871,047
|
|
|
|
|
902,437
|
|
|
|
|
982,591
|
|
|
|
|
1,010,817
|
|
|
|
||||||||
|
Florida
|
648,441
|
|
|
|
|
669,038
|
|
|
|
|
712,087
|
|
|
|
|
729,482
|
|
|
|
||||||||
|
California
|
270,128
|
|
|
|
|
278,975
|
|
|
|
|
293,307
|
|
|
|
|
301,280
|
|
|
|
||||||||
|
Other
|
449,398
|
|
|
|
|
465,774
|
|
|
|
|
503,213
|
|
|
|
|
518,685
|
|
|
|
||||||||
|
Total Home equity loans and lines of credit
|
2,239,014
|
|
|
21.8
|
|
|
2,316,224
|
|
|
23.0
|
|
|
2,491,198
|
|
|
25.0
|
|
|
2,560,264
|
|
|
25.8
|
|
||||
|
Construction
|
66,262
|
|
|
0.6
|
|
|
57,348
|
|
|
0.6
|
|
|
82,048
|
|
|
0.8
|
|
|
90,767
|
|
|
0.9
|
|
||||
|
Consumer and other loans
|
4,908
|
|
|
0.1
|
|
|
5,141
|
|
|
0.1
|
|
|
6,868
|
|
|
0.1
|
|
|
6,916
|
|
|
0.1
|
|
||||
|
Total loans receivable
|
10,279,148
|
|
|
100.0
|
%
|
|
10,016,608
|
|
|
100.0
|
%
|
|
9,964,922
|
|
|
100.0
|
%
|
|
9,913,659
|
|
|
100.0
|
%
|
||||
|
Deferred loan fees, net
|
(17,634
|
)
|
|
|
|
(18,122
|
)
|
|
|
|
(19,854
|
)
|
|
|
|
(19,020
|
)
|
|
|
||||||||
|
Loans in process
|
(33,823
|
)
|
|
|
|
(25,553
|
)
|
|
|
|
(37,147
|
)
|
|
|
|
(43,106
|
)
|
|
|
||||||||
|
Allowance for loan losses
|
(107,374
|
)
|
|
|
|
(101,296
|
)
|
|
|
|
(156,978
|
)
|
|
|
|
(153,305
|
)
|
|
|
||||||||
|
Total loans receivable, net
|
$
|
10,120,317
|
|
|
|
|
$
|
9,871,637
|
|
|
|
|
$
|
9,750,943
|
|
|
|
|
$
|
9,698,228
|
|
|
|
||||
|
(1)
|
Includes bridge loans (loans where borrowers can utilize the existing equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
|
|
June 30, 2012
|
|
September 30, 2011
|
||||||||||||||||
|
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans in
Category to Total
Loans
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans in
Category to Total
Loans
|
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
34,063
|
|
|
31.7
|
%
|
|
75.3
|
%
|
|
$
|
49,484
|
|
|
31.5
|
%
|
|
71.5
|
%
|
|
Residential Home Today
|
|
22,618
|
|
|
21.1
|
|
2.2
|
|
|
31,025
|
|
|
19.8
|
|
2.6
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
49,947
|
|
|
46.5
|
|
21.8
|
|
|
74,071
|
|
|
47.2
|
|
25.0
|
|
||||
|
Construction
|
|
746
|
|
|
0.7
|
|
0.6
|
|
|
2,398
|
|
|
1.5
|
|
0.8
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
0.0
|
|
0.1
|
|
|
—
|
|
|
0.0
|
|
0.1
|
|
||||
|
Total allowance
|
|
$
|
107,374
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
156,978
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
March 31, 2012
|
|
June 30, 2011
|
||||||||||||||||
|
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans in
Category to Total
Loans
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans in
Category to Total
Loans
|
||||||||
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
30,302
|
|
|
29.9
|
%
|
|
74.0
|
%
|
|
$
|
49,795
|
|
|
32.4
|
%
|
|
70.5
|
%
|
|
Residential Home Today
|
|
20,118
|
|
|
19.9
|
|
2.3
|
|
27,281
|
|
|
17.8
|
|
2.7
|
|
|||||
|
Home equity loans and lines of credit (1)
|
|
49,331
|
|
|
48.7
|
|
23.0
|
|
71,854
|
|
|
46.9
|
|
25.8
|
|
|||||
|
Construction
|
|
1,545
|
|
|
1.5
|
|
0.6
|
|
4,374
|
|
|
2.9
|
|
0.9
|
|
|||||
|
Consumer and other loans
|
|
—
|
|
|
0.0
|
|
0.1
|
|
1
|
|
|
0.0
|
|
0.1
|
|
|||||
|
Total allowance
|
|
$
|
101,296
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
153,305
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(1)
|
Includes bridge loans (loans in which borrowers can utilize the existing equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
|
June 30, 2012
|
||||||||||||||||||||||||||
|
|
Separately Evaluated
|
|
Collectively Evaluated
|
|
Total Individual, General and Market
Valuations |
|
|
||||||||||||||||||||
|
|
Specific
Valuation
|
|
Individual Valuation
|
|
General
Valuation
|
|
Market
Valuation
|
|
Combined
|
|
|
Total
Allowance
|
|||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
$
|
—
|
|
|
$
|
5,420
|
|
|
$
|
10,019
|
|
|
$
|
18,624
|
|
|
$
|
28,643
|
|
|
$
|
34,063
|
|
|
$
|
34,063
|
|
|
Residential Home Today
|
—
|
|
|
8,383
|
|
|
3,726
|
|
|
10,509
|
|
|
14,235
|
|
|
22,618
|
|
|
22,618
|
|
|||||||
|
Home equity loans and lines of credit
|
—
|
|
|
2,773
|
|
|
29,125
|
|
|
18,049
|
|
|
47,174
|
|
|
49,947
|
|
|
49,947
|
|
|||||||
|
Construction
|
—
|
|
|
46
|
|
|
652
|
|
|
48
|
|
|
700
|
|
|
746
|
|
|
746
|
|
|||||||
|
Total real estate loans
|
—
|
|
|
16,622
|
|
|
43,522
|
|
|
47,230
|
|
|
90,752
|
|
|
107,374
|
|
|
107,374
|
|
|||||||
|
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
$
|
—
|
|
|
$
|
16,622
|
|
|
$
|
43,522
|
|
|
$
|
47,230
|
|
|
$
|
90,752
|
|
|
$
|
107,374
|
|
|
$
|
107,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
March 31, 2012
|
||||||||||||||||||||||||||
|
|
Separately Evaluated
|
|
Collectively Evaluated
|
|
Total Individual, General and Market
Valuations |
|
|
||||||||||||||||||||
|
|
Specific
Valuation
|
|
Individual Valuation
|
|
General
Valuation
|
|
Market
Valuation
|
|
Combined
|
|
|
Total
Allowance
|
|||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
$
|
—
|
|
|
$
|
4,283
|
|
|
$
|
9,570
|
|
|
$
|
16,449
|
|
|
$
|
26,019
|
|
|
$
|
30,302
|
|
|
$
|
30,302
|
|
|
Residential Home Today
|
—
|
|
|
6,193
|
|
|
3,088
|
|
|
10,837
|
|
|
13,925
|
|
|
20,118
|
|
|
20,118
|
|
|||||||
|
Home equity loans and lines of credit
|
—
|
|
|
2,195
|
|
|
38,012
|
|
|
9,124
|
|
|
47,136
|
|
|
49,331
|
|
|
49,331
|
|
|||||||
|
Construction
|
—
|
|
|
106
|
|
|
875
|
|
|
564
|
|
|
1,439
|
|
|
1,545
|
|
|
1,545
|
|
|||||||
|
Total real estate loans
|
—
|
|
|
12,777
|
|
|
51,545
|
|
|
36,974
|
|
|
88,519
|
|
|
101,296
|
|
|
101,296
|
|
|||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
$
|
—
|
|
|
$
|
12,777
|
|
|
$
|
51,545
|
|
|
$
|
36,974
|
|
|
$
|
88,519
|
|
|
$
|
101,296
|
|
|
$
|
101,296
|
|
|
|
September 30, 2011
|
||||||||||||||||||||||||||
|
|
Separately Evaluated
|
|
Collectively Evaluated
|
|
Total Individual, General and Market
Valuations |
|
|
||||||||||||||||||||
|
|
Specific
Valuation
|
|
Individual Valuation
|
|
General
Valuation
|
|
Market
Valuation
|
|
Combined
|
|
|
Total
Allowance
|
|||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
$
|
22,492
|
|
|
$
|
2,903
|
|
|
$
|
10,760
|
|
|
$
|
13,329
|
|
|
$
|
24,089
|
|
|
$
|
26,992
|
|
|
$
|
49,484
|
|
|
Residential Home Today
|
18,213
|
|
|
3,725
|
|
|
3,027
|
|
|
6,060
|
|
|
9,087
|
|
|
12,812
|
|
|
31,025
|
|
|||||||
|
Home equity loans and lines of credit
|
13,687
|
|
|
636
|
|
|
16,568
|
|
|
43,180
|
|
|
59,748
|
|
|
60,384
|
|
|
74,071
|
|
|||||||
|
Construction
|
1,115
|
|
|
141
|
|
|
724
|
|
|
418
|
|
|
1,142
|
|
|
1,283
|
|
|
2,398
|
|
|||||||
|
Total real estate loans
|
55,507
|
|
|
7,405
|
|
|
31,079
|
|
|
62,987
|
|
|
94,066
|
|
|
101,471
|
|
|
156,978
|
|
|||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
$
|
55,507
|
|
|
$
|
7,405
|
|
|
$
|
31,079
|
|
|
$
|
62,987
|
|
|
$
|
94,066
|
|
|
$
|
101,471
|
|
|
$
|
156,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
June 30, 2011
|
||||||||||||||||||||||||||
|
|
Separately Evaluated
|
|
Collectively Evaluated
|
|
Total Individual, General and Market
Valuations |
|
|
||||||||||||||||||||
|
|
Specific
Valuation
|
|
Individual Valuation
|
|
General
Valuation
|
|
Market
Valuation
|
|
Combined
|
|
|
Total
Allowance
|
|||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
$
|
19,460
|
|
|
$
|
2,411
|
|
|
$
|
11,038
|
|
|
$
|
16,886
|
|
|
$
|
27,924
|
|
|
$
|
30,335
|
|
|
$
|
49,795
|
|
|
Residential Home Today
|
14,155
|
|
|
3,530
|
|
|
2,863
|
|
|
6,733
|
|
|
9,596
|
|
|
13,126
|
|
|
27,281
|
|
|||||||
|
Home equity loans and lines of credit
|
13,501
|
|
|
237
|
|
|
14,653
|
|
|
43,463
|
|
|
58,116
|
|
|
58,353
|
|
|
71,854
|
|
|||||||
|
Construction
|
1,481
|
|
|
134
|
|
|
823
|
|
|
1,936
|
|
|
2,759
|
|
|
2,893
|
|
|
4,374
|
|
|||||||
|
Total real estate loans
|
48,597
|
|
|
6,312
|
|
|
29,377
|
|
|
69,018
|
|
|
98,395
|
|
|
104,707
|
|
|
153,304
|
|
|||||||
|
Consumer and other loans
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
|
Total
|
$
|
48,598
|
|
|
$
|
6,312
|
|
|
$
|
29,377
|
|
|
$
|
69,018
|
|
|
$
|
98,395
|
|
|
$
|
104,707
|
|
|
$
|
153,305
|
|
|
•
|
Residential non-Home Today
– the portion of this loan segment’s combined GVA/MVA allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated), increased $2.6 million, or 10.1%, from $26.0 million at March 31, 2012 to $28.6 million at June 30, 2012. Similarly, the ratio of this portion of the allowance for loan losses to the total balance of loans in this loan segment that were evaluated collectively, increased 0.02% to 0.38% at June 30, 2012 from 0.36% at March 31, 2012. While the balance of this portion of the allowance increased during the current quarter, the outstanding principal balance of loans in the segment increased 4.7%. The credit profile of this portfolio segment improved in total during the quarter. Loans less than 90 days delinquent increased 8.6% to $21.4 million at June 30, 2012 from $19.7 million at March 31, 2012, while loans 90 or more days delinquent decreased 11.7% to $80.7 at June 30, 2012 from $91.5 million at March 31, 2012. A portion of this segment’s credit profile improvement can be attributed to the impact of net charge-offs which reduce delinquent balances for reported amounts. Net charge-offs increased to $9.1 million during the current quarter as compared to net charge-offs of $7.4 million during the quarter ended March 31, 2012. The increase in net charge-offs resulted primarily from lower property valuations in the foreclosure and short-sale process. As improvements in the delinquency statistics were offset by higher net charge-offs during the quarter, a modest reallocation of allowance components between GVA and MVA was recorded so as to maintain an appropriate overall allowance ratio for this loan segment. Loan segment allowance,
|
|
•
|
Residential Home Today
– the portion of this loan segment’s combined GVA/MVA allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated), increased slightly by $0.3 million, or 2.2% from $13.9 million at March 31, 2012 to $14.2 million at June 30, 2012. Similarly, the ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively, increased 4.7% to 12.2% at June 30, 2012 from 11.6 % at March 31, 2012, although the total balance of loans in this loan segment that were evaluated collectively decreased to $117.2 million at June 30, 2012 from $120.0 million at March 31, 2012. The credit profile of this portfolio segment in total improved during the quarter. Delinquencies less than 90 days increased from $10.8 million at March 31, 2012 to $13.8 million at June 30, 2012 but delinquencies greater than 89 days decreased from $35.5 million to $31.1 million during the same period. Net charge-offs decreased slightly to $5.2 million during the quarter ended June 30, 2012 from $5.8 million during the quarter ended March 31, 2012. Please refer to the table that appears later in this section for details pertaining to the impact of SVA-related charge-offs and other charge-offs on this loan segment for the current nine month period. The combination of the GVA and MVA working in a coordinated manner captures the impact of these influences. The MVA for this segment decreased by $0.3 million during the quarter ended June 30, 2012 offset by an increase of the GVA of $0.6 million, reflecting the modest change in the credit profile of this portfolio. This trending of the historical loan loss experience is a major factor in this loan segment’s GVA. Since June 30, 2011, the portion of this loan segment’s combined GVA/MVA allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated) increased 48.3%, to $14.2 million, from $9.6 million at June 30, 2011, in response to the increase in reported charge-offs (adjusted to include the change in the SVA) from $5.6 million during the nine months ended June 30, 2011 to $16.7 million during the nine months ended June 30, 2012.
|
|
•
|
Home Equity Loans and Lines of Credit
– the portion of this loan segment’s combined GVA/MVA allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated) increased only slightly by $.04 million, or 0.1%, from $47.1 million to $47.2 million during the quarter ended June 30, 2012. The ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively also increased slightly, to 2.1% at June 30, 2012 from 2.0% at March 31, 2012, while the total balance of loans in this loan segment that were evaluated collectively decreased 3.5% . Net charge-offs for this loan segment increased 13.1% during the quarter ended June 30, 2012 to $10.5 million from $9.3 million during the quarter ended March 31, 2012. Total delinquencies for this portfolio segment decreased 10.3% to $29.1 million, or 1.3% of the corresponding total principal balance at June 30, 2012 as compared to the balance of $32.4 million or 1.4% of the corresponding total principal balance at March 31, 2012. Delinquencies less than 90 days decreased 1.5%, from $13.0 million at March 31, 2012 to $12.8 million at June 30, 2012 and delinquencies greater than 89 days decreased 16.3% from $19.4 million at March 31, 2012 to $16.2 million at June 30, 2012. This is another instance in which the GVA and MVA worked together, as the GVA components became more contemporaneous in the reflection of loss experience, while the MVA provided an appropriate counterweight in capturing the impact of trending and overarching market dynamics. The GVA decreased $8.9 million or 23.4% since March 31, 2012; conversely the MVA has increased $8.9 million or 97.8% since March 31, 2012. As of March 31, 2012, the Company implemented the stipulations of regulatory guidance issued in January 2012 that required the Association to report performing home equity loans and lines of credit as non-accrual (and substandard) in situations where a borrower’s first lien position was severely delinquent. Since June 30, 2011, the portion of this loan segment’s combined GVA/MVA allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated), decreased 18.8%, to $47.2 million at June 30, 2012, from $58.1 million at June 30, 2011. Prior to March 2012, as discussed in the
Overview
section of this document, home equity loans and lines of credit were not being offered, resulting in a $306.3 million or 12.1% decrease in the principal balance of the portfolio evaluated collectively. The ratio of the GVA/MVA portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively also declined, from 2.3% at June 30, 2011 to 2.1% at June 30, 2012.
|
|
|
|
As of and For the Three Months Ended June 30,
|
|
As of and For the Nine Months Ended June 30,
|
||||||||||||
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||
|
Allowance balance (beginning of the period)
|
|
$
|
101,296
|
|
|
$
|
150,747
|
|
|
$
|
156,978
|
|
|
$
|
133,240
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
4,607
|
|
|
2,539
|
|
|
18,271
|
|
|
6,990
|
|
||||
|
Florida
|
|
4,686
|
|
|
2,528
|
|
|
26,077
|
|
|
6,037
|
|
||||
|
Kentucky
|
|
108
|
|
|
—
|
|
|
217
|
|
|
—
|
|
||||
|
Total Residential non-Home Today
|
|
9,401
|
|
|
5,067
|
|
|
44,565
|
|
|
13,027
|
|
||||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
4,938
|
|
|
2,239
|
|
|
33,205
|
|
|
5,586
|
|
||||
|
Florida
|
|
250
|
|
|
—
|
|
|
1,691
|
|
|
—
|
|
||||
|
Total Residential Home Today
|
|
5,188
|
|
|
2,239
|
|
|
34,896
|
|
|
5,586
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
1,971
|
|
|
2,405
|
|
|
8,190
|
|
|
6,425
|
|
||||
|
Florida
|
|
6,082
|
|
|
8,505
|
|
|
23,056
|
|
|
26,648
|
|
||||
|
California
|
|
527
|
|
|
934
|
|
|
2,828
|
|
|
4,012
|
|
||||
|
Other
|
|
2,614
|
|
|
1,126
|
|
|
10,693
|
|
|
4,658
|
|
||||
|
Total Home equity loans and lines of credit
|
|
11,194
|
|
|
12,970
|
|
|
44,767
|
|
|
41,743
|
|
||||
|
Construction
|
|
76
|
|
|
308
|
|
|
1,268
|
|
|
791
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total charge-offs
|
|
25,859
|
|
|
20,584
|
|
|
125,496
|
|
|
61,147
|
|
||||
|
Recoveries:
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
265
|
|
|
131
|
|
|
607
|
|
|
295
|
|
||||
|
Residential Home Today
|
|
10
|
|
|
25
|
|
|
94
|
|
|
85
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
662
|
|
|
484
|
|
|
2,188
|
|
|
1,297
|
|
||||
|
Construction
|
|
—
|
|
|
2
|
|
|
3
|
|
|
35
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total recoveries
|
|
937
|
|
|
642
|
|
|
2,892
|
|
|
1,712
|
|
||||
|
Net charge-offs
|
|
(24,922
|
)
|
|
(19,942
|
)
|
|
(122,604
|
)
|
|
(59,435
|
)
|
||||
|
Provision for loan losses
|
|
31,000
|
|
|
22,500
|
|
|
73,000
|
|
|
79,500
|
|
||||
|
Allowance balance (end of the period)
|
|
$
|
107,374
|
|
|
$
|
153,305
|
|
|
$
|
107,374
|
|
|
$
|
153,305
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
||||||||
|
Net charge-offs (annualized) to average loans outstanding
|
|
0.96
|
%
|
|
0.81
|
%
|
|
1.60
|
%
|
|
0.81
|
%
|
||||
|
Allowance for loan losses to non-performing loans at end of the period
|
|
83.60
|
%
|
|
69.29
|
%
|
|
83.60
|
%
|
|
69.29
|
%
|
||||
|
Allowance for loan losses to the total recorded investment in loans at end of the period
|
|
1.05
|
%
|
|
1.56
|
%
|
|
1.05
|
%
|
|
1.56
|
%
|
||||
|
(1)
|
Includes bridge loans (loans in which borrowers can utilize the existing equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
|
|
Charge-offs As of and For the Nine Months Ended
|
||||||||||||||||||
|
|
|
June 30, 2012
|
|
September 30, 2011
|
|
June 30, 2011
|
|
|||||||||||||
|
|
|
Total
|
|
SVA (1)
|
|
Other
|
|
|
|
|
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||
|
Charge-offs:
|
|
|
||||||||||||||||||
|
Real estate loans:
|
|
|
||||||||||||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Ohio
|
|
$
|
18,271
|
|
|
$
|
6,269
|
|
|
$
|
12,002
|
|
|
$
|
6,938
|
|
|
$
|
6,990
|
|
|
Florida
|
|
26,077
|
|
|
16,223
|
|
|
9,854
|
|
|
6,802
|
|
|
6,037
|
|
|||||
|
Other
|
|
217
|
|
|
—
|
|
|
217
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
|
44,565
|
|
|
22,492
|
|
|
22,073
|
|
|
13,740
|
|
|
13,027
|
|
|||||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Ohio
|
|
33,205
|
|
|
17,042
|
|
|
16,163
|
|
|
5,033
|
|
|
5,586
|
|
|||||
|
Florida
|
|
1,691
|
|
|
1,171
|
|
|
520
|
|
|
99
|
|
|
—
|
|
|||||
|
Total
|
|
34,896
|
|
|
18,213
|
|
|
16,683
|
|
|
5,132
|
|
|
5,586
|
|
|||||
|
Home equity loans and lines of credit (2)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Ohio
|
|
8,190
|
|
|
3,129
|
|
|
5,061
|
|
|
8,045
|
|
|
6,425
|
|
|||||
|
Florida
|
|
23,056
|
|
|
7,339
|
|
|
15,717
|
|
|
21,421
|
|
|
26,648
|
|
|||||
|
California
|
|
2,828
|
|
|
1,015
|
|
|
1,813
|
|
|
4,194
|
|
|
4,012
|
|
|||||
|
Other
|
|
10,693
|
|
|
2,204
|
|
|
8,489
|
|
|
3,939
|
|
|
4,658
|
|
|||||
|
Total
|
|
44,767
|
|
|
13,687
|
|
|
31,080
|
|
|
37,599
|
|
|
41,743
|
|
|||||
|
Construction
|
|
1,268
|
|
|
1,115
|
|
|
153
|
|
|
637
|
|
|
791
|
|
|||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
|
Total charge-offs
|
|
125,496
|
|
|
55,507
|
|
|
69,989
|
|
|
57,109
|
|
|
61,147
|
|
|||||
|
Recoveries
|
|
(2,892
|
)
|
|
—
|
|
|
(2,892
|
)
|
|
(1,841
|
)
|
|
(1,712
|
)
|
|||||
|
Net charge-offs
|
|
$
|
122,604
|
|
|
$
|
55,507
|
|
|
$
|
67,097
|
|
|
$
|
55,268
|
|
|
$
|
59,435
|
|
|
(1)
|
Reflects the balance of specific valuation allowances at September 30, 2011. Actual charge-offs related to loans with SVAs may differ due to updated reviews, foreclosure activity, or individual loan performance.
|
|
(2)
|
Includes bridge loans (loans where borrowers can utilize the equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
160
|
|
|
$
|
16,048
|
|
|
441
|
|
|
$
|
46,940
|
|
|
601
|
|
|
$
|
62,988
|
|
|
Florida
|
|
30
|
|
|
4,732
|
|
|
274
|
|
|
33,689
|
|
|
304
|
|
|
38,421
|
|
|||
|
Kentucky
|
|
3
|
|
|
650
|
|
|
2
|
|
|
69
|
|
|
5
|
|
|
719
|
|
|||
|
Total Residential non-Home Today
|
|
193
|
|
|
21,430
|
|
|
717
|
|
|
80,698
|
|
|
910
|
|
|
102,128
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
185
|
|
|
13,726
|
|
|
542
|
|
|
29,969
|
|
|
727
|
|
|
43,695
|
|
|||
|
Florida
|
|
1
|
|
|
115
|
|
|
27
|
|
|
1,152
|
|
|
28
|
|
|
1,267
|
|
|||
|
Total Residential Home Today
|
|
186
|
|
|
13,841
|
|
|
569
|
|
|
31,121
|
|
|
755
|
|
|
44,962
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
141
|
|
|
4,899
|
|
|
137
|
|
|
5,297
|
|
|
278
|
|
|
10,196
|
|
|||
|
Florida
|
|
57
|
|
|
4,493
|
|
|
101
|
|
|
6,646
|
|
|
158
|
|
|
11,139
|
|
|||
|
California
|
|
16
|
|
|
1,713
|
|
|
20
|
|
|
1,658
|
|
|
36
|
|
|
3,371
|
|
|||
|
Other
|
|
24
|
|
|
1,713
|
|
|
46
|
|
|
2,637
|
|
|
70
|
|
|
4,350
|
|
|||
|
Total Home equity loans and lines of credit
|
|
238
|
|
|
12,818
|
|
|
304
|
|
|
16,238
|
|
|
542
|
|
|
29,056
|
|
|||
|
Construction
|
|
1
|
|
|
20
|
|
|
7
|
|
|
381
|
|
|
8
|
|
|
401
|
|
|||
|
Consumer loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
618
|
|
|
$
|
48,109
|
|
|
1,597
|
|
|
$
|
128,438
|
|
|
2,215
|
|
|
$
|
176,547
|
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
131
|
|
|
$
|
12,444
|
|
|
490
|
|
|
$
|
52,932
|
|
|
621
|
|
|
$
|
65,376
|
|
|
Florida
|
|
39
|
|
|
6,680
|
|
|
281
|
|
|
38,214
|
|
|
320
|
|
|
44,894
|
|
|||
|
Other
|
|
3
|
|
|
607
|
|
|
3
|
|
|
305
|
|
|
6
|
|
|
912
|
|
|||
|
Total Residential non-Home Today
|
|
173
|
|
|
19,731
|
|
|
774
|
|
|
91,451
|
|
|
947
|
|
|
111,182
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
141
|
|
|
10,541
|
|
|
580
|
|
|
34,239
|
|
|
721
|
|
|
44,780
|
|
|||
|
Florida
|
|
3
|
|
|
245
|
|
|
26
|
|
|
1,271
|
|
|
29
|
|
|
1,516
|
|
|||
|
Total Residential Home Today
|
|
144
|
|
|
10,786
|
|
|
606
|
|
|
35,510
|
|
|
750
|
|
|
46,296
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
140
|
|
|
3,988
|
|
|
174
|
|
|
6,948
|
|
|
314
|
|
|
10,936
|
|
|||
|
Florida
|
|
69
|
|
|
5,169
|
|
|
108
|
|
|
7,787
|
|
|
177
|
|
|
12,956
|
|
|||
|
California
|
|
18
|
|
|
1,232
|
|
|
15
|
|
|
1,437
|
|
|
33
|
|
|
2,669
|
|
|||
|
Other
|
|
37
|
|
|
2,618
|
|
|
50
|
|
|
3,221
|
|
|
87
|
|
|
5,839
|
|
|||
|
Total Home equity loans and lines of credit
|
|
264
|
|
|
13,007
|
|
|
347
|
|
|
19,393
|
|
|
611
|
|
|
32,400
|
|
|||
|
Construction
|
|
—
|
|
|
—
|
|
|
8
|
|
|
457
|
|
|
8
|
|
|
457
|
|
|||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
581
|
|
|
$
|
43,524
|
|
|
1,735
|
|
|
$
|
146,811
|
|
|
2,316
|
|
|
$
|
190,335
|
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
204
|
|
|
$
|
20,315
|
|
|
529
|
|
|
$
|
62,340
|
|
|
733
|
|
|
$
|
82,655
|
|
|
Florida
|
|
37
|
|
|
8,438
|
|
|
272
|
|
|
55,700
|
|
|
309
|
|
|
64,138
|
|
|||
|
Other
|
|
3
|
|
|
574
|
|
|
4
|
|
|
477
|
|
|
7
|
|
|
1,051
|
|
|||
|
Total Residential non-Home Today
|
|
244
|
|
|
29,327
|
|
|
805
|
|
|
118,517
|
|
|
1,049
|
|
|
147,844
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
213
|
|
|
18,395
|
|
|
634
|
|
|
57,664
|
|
|
847
|
|
|
76,059
|
|
|||
|
Florida
|
|
11
|
|
|
1,135
|
|
|
25
|
|
|
2,321
|
|
|
36
|
|
|
3,456
|
|
|||
|
Total Residential Home Today
|
|
224
|
|
|
19,530
|
|
|
659
|
|
|
59,985
|
|
|
883
|
|
|
79,515
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
158
|
|
|
5,457
|
|
|
227
|
|
|
10,553
|
|
|
385
|
|
|
16,010
|
|
|||
|
Florida
|
|
103
|
|
|
7,408
|
|
|
149
|
|
|
16,211
|
|
|
252
|
|
|
23,619
|
|
|||
|
California
|
|
18
|
|
|
1,789
|
|
|
20
|
|
|
2,207
|
|
|
38
|
|
|
3,996
|
|
|||
|
Other
|
|
36
|
|
|
2,771
|
|
|
81
|
|
|
7,550
|
|
|
117
|
|
|
10,321
|
|
|||
|
Total Home equity loans and lines of credit
|
|
315
|
|
|
17,425
|
|
|
477
|
|
|
36,521
|
|
|
792
|
|
|
53,946
|
|
|||
|
Construction
|
|
1
|
|
|
72
|
|
|
20
|
|
|
3,770
|
|
|
21
|
|
|
3,842
|
|
|||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
784
|
|
|
$
|
66,354
|
|
|
1,961
|
|
|
$
|
218,793
|
|
|
2,745
|
|
|
$
|
285,147
|
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
199
|
|
|
$
|
21,869
|
|
|
525
|
|
|
$
|
61,737
|
|
|
724
|
|
|
$
|
83,606
|
|
|
Florida
|
|
41
|
|
|
8,221
|
|
|
265
|
|
|
55,534
|
|
|
306
|
|
|
63,755
|
|
|||
|
Kentucky
|
|
3
|
|
|
519
|
|
|
5
|
|
|
754
|
|
|
8
|
|
|
1,273
|
|
|||
|
Total Residential non-Home Today
|
|
243
|
|
|
30,609
|
|
|
795
|
|
|
118,025
|
|
|
1,038
|
|
|
148,634
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
204
|
|
|
17,765
|
|
|
652
|
|
|
58,751
|
|
|
856
|
|
|
76,516
|
|
|||
|
Florida
|
|
12
|
|
|
1,220
|
|
|
27
|
|
|
2,613
|
|
|
39
|
|
|
3,833
|
|
|||
|
Total Residential Home Today
|
|
216
|
|
|
18,985
|
|
|
679
|
|
|
61,364
|
|
|
895
|
|
|
80,349
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
192
|
|
|
5,583
|
|
|
244
|
|
|
11,165
|
|
|
436
|
|
|
16,748
|
|
|||
|
Florida
|
|
87
|
|
|
7,550
|
|
|
140
|
|
|
15,181
|
|
|
227
|
|
|
22,731
|
|
|||
|
California
|
|
18
|
|
|
1,937
|
|
|
25
|
|
|
3,046
|
|
|
43
|
|
|
4,983
|
|
|||
|
Other
|
|
39
|
|
|
2,357
|
|
|
89
|
|
|
8,596
|
|
|
128
|
|
|
10,953
|
|
|||
|
Total Home equity loans and lines of credit
|
|
336
|
|
|
17,427
|
|
|
498
|
|
|
37,988
|
|
|
834
|
|
|
55,415
|
|
|||
|
Construction
|
|
4
|
|
|
744
|
|
|
21
|
|
|
3,886
|
|
|
25
|
|
|
4,630
|
|
|||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|||
|
Total
|
|
799
|
|
|
$
|
67,765
|
|
|
1,995
|
|
|
$
|
221,264
|
|
|
2,794
|
|
|
$
|
289,029
|
|
|
(1)
|
Includes bridge loans (loans in which borrowers can utilize the existing equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
|
|
June 30,
2012 |
|
March 31,
2012 |
|
September 30,
2011 |
|
June 30,
2011 |
||||||||
|
|
|
|
|
(Dollars in thousands)
|
|
|
||||||||||
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
88,091
|
|
|
$
|
99,022
|
|
|
$
|
125,014
|
|
|
$
|
126,149
|
|
|
Residential Home Today
|
|
40,276
|
|
|
46,368
|
|
|
69,602
|
|
|
71,739
|
|
||||
|
Home equity loans and lines of credit (1)(2)
|
|
25,255
|
|
|
34,318
|
|
|
36,872
|
|
|
38,288
|
|
||||
|
Construction
|
|
381
|
|
|
785
|
|
|
3,770
|
|
|
3,886
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
|
Total non-accrual loans (3)(4)(5)
|
|
154,003
|
|
|
180,493
|
|
|
235,258
|
|
|
240,063
|
|
||||
|
Real estate owned
|
|
19,692
|
|
|
18,452
|
|
|
19,155
|
|
|
20,126
|
|
||||
|
Other non-performing assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total non-performing assets
|
|
$
|
173,695
|
|
|
$
|
198,945
|
|
|
$
|
254,413
|
|
|
$
|
260,189
|
|
|
Troubled debt restructurings: (not included in non- accrual loans above)
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
57,879
|
|
|
$
|
55,063
|
|
|
$
|
50,841
|
|
|
$
|
50,363
|
|
|
Residential Home Today
|
|
61,569
|
|
|
62,583
|
|
|
67,240
|
|
|
65,314
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
2,244
|
|
|
2,387
|
|
|
2,171
|
|
|
2,348
|
|
||||
|
Construction
|
|
640
|
|
|
854
|
|
|
863
|
|
|
926
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
122,332
|
|
|
$
|
120,887
|
|
|
$
|
121,115
|
|
|
$
|
118,951
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
||||||||
|
Total non-accrual loans to total loans
|
|
1.51
|
%
|
|
1.81
|
%
|
|
2.37
|
%
|
|
2.44
|
%
|
||||
|
Total non-accrual loans to total assets
|
|
1.34
|
%
|
|
1.60
|
%
|
|
2.16
|
%
|
|
2.21
|
%
|
||||
|
Total non-performing assets to total assets
|
|
1.51
|
%
|
|
1.76
|
%
|
|
2.34
|
%
|
|
2.39
|
%
|
||||
|
(1)
|
Includes bridge loans (loans in which borrowers can utilize the existing equity in their current home to fund the purchase of a new home before they have sold their current home).
|
|
(2)
|
The totals at
June 30, 2012
and
March 31, 2012
include $
8.9 million
and $
14.6 million
, respectively, of performing home equity lines of credit included in nonaccrual, pursuant to regulatory guidance regarding senior lien delinquency issued in January 2012 quarter.
|
|
(3)
|
Totals at
June 30, 2012
,
March 31, 2012
,
September 30, 2011
and
June 30, 2011
, include $
12.1 million
, $
15.4 million
, $
16.5 million
and $
18.8 million
, respectively, in troubled debt restructurings which are current but included with nonaccrual loans for a minimum period of six months from the restructuring date due to their non-accrual status prior to restructuring or because they have been partially charged off.
|
|
(4)
|
Includes $
20.1 million
, $
20.3 million
, $
28.6 million
and $
23.1 million
in troubled debt restructurings that are 90 days or more past due at
June 30, 2012
,
March 31, 2012
,
September 30, 2011
and
June 30, 2011
, respectively.
|
|
(5)
|
During the quarter ended December 31, 2011, in accordance with an OCC directive, our SVAs (which had a balance of $55.5 million as of September 30, 2011) were charged off, which reduced the balance of non-accrual loans.
|
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Accrual
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
18,740
|
|
|
$
|
1,549
|
|
|
$
|
14,926
|
|
|
$
|
15,494
|
|
|
$
|
7,170
|
|
|
$
|
57,879
|
|
|
Residential Home Today
|
|
16,312
|
|
|
173
|
|
|
8,571
|
|
|
25,756
|
|
|
10,757
|
|
|
61,569
|
|
||||||
|
Home equity loans and lines of credit
|
|
132
|
|
|
641
|
|
|
825
|
|
|
260
|
|
|
386
|
|
|
2,244
|
|
||||||
|
Construction
|
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640
|
|
||||||
|
Total
|
|
$
|
35,184
|
|
|
$
|
3,003
|
|
|
$
|
24,322
|
|
|
$
|
41,510
|
|
|
$
|
18,313
|
|
|
$
|
122,332
|
|
|
Non-Accrual, Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
1,035
|
|
|
$
|
601
|
|
|
$
|
1,008
|
|
|
$
|
2,413
|
|
|
$
|
165
|
|
|
$
|
5,222
|
|
|
Residential Home Today
|
|
3,512
|
|
|
—
|
|
|
2,293
|
|
|
699
|
|
|
342
|
|
|
6,846
|
|
||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
67
|
|
||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
4,547
|
|
|
$
|
601
|
|
|
$
|
3,301
|
|
|
$
|
3,112
|
|
|
$
|
574
|
|
|
$
|
12,135
|
|
|
Non-Accrual, Non-Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
2,692
|
|
|
$
|
853
|
|
|
$
|
1,652
|
|
|
$
|
1,234
|
|
|
$
|
1,672
|
|
|
$
|
8,103
|
|
|
Residential Home Today
|
|
3,985
|
|
|
286
|
|
|
4,671
|
|
|
2,223
|
|
|
633
|
|
|
11,798
|
|
||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
31
|
|
|
186
|
|
|
20
|
|
|
—
|
|
|
237
|
|
||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
6,677
|
|
|
$
|
1,170
|
|
|
$
|
6,509
|
|
|
$
|
3,477
|
|
|
$
|
2,305
|
|
|
$
|
20,138
|
|
|
Total Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
22,467
|
|
|
$
|
3,003
|
|
|
$
|
17,586
|
|
|
$
|
19,141
|
|
|
$
|
9,007
|
|
|
$
|
71,204
|
|
|
Residential Home Today
|
|
23,809
|
|
|
459
|
|
|
15,535
|
|
|
28,678
|
|
|
11,732
|
|
|
80,213
|
|
||||||
|
Home equity loans and lines of credit
|
|
132
|
|
|
672
|
|
|
1,011
|
|
|
280
|
|
|
453
|
|
|
2,548
|
|
||||||
|
Construction
|
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640
|
|
||||||
|
Total
|
|
$
|
46,408
|
|
|
$
|
4,774
|
|
|
$
|
34,132
|
|
|
$
|
48,099
|
|
|
$
|
21,192
|
|
|
$
|
154,605
|
|
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Total
|
||||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Accruing Modifications Less Than One Year Old
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
6,665
|
|
|
$
|
298
|
|
|
$
|
1,919
|
|
|
$
|
5,532
|
|
|
$
|
2,776
|
|
|
$
|
17,190
|
|
|
Residential Home Today
|
|
2,094
|
|
|
—
|
|
|
1,152
|
|
|
2,592
|
|
|
6,050
|
|
|
11,888
|
|
||||||
|
Home equity loans and lines of credit
|
|
54
|
|
|
—
|
|
|
351
|
|
|
24
|
|
|
325
|
|
|
754
|
|
||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
8,813
|
|
|
$
|
298
|
|
|
$
|
3,422
|
|
|
$
|
8,148
|
|
|
$
|
9,151
|
|
|
$
|
29,832
|
|
|
Accruing Modifications Greater Than or Equal to One Year Old
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
12,076
|
|
|
$
|
1,250
|
|
|
$
|
13,007
|
|
|
$
|
9,962
|
|
|
$
|
4,394
|
|
|
$
|
40,689
|
|
|
Residential Home Today
|
|
14,217
|
|
|
173
|
|
|
7,419
|
|
|
23,164
|
|
|
4,708
|
|
|
49,681
|
|
||||||
|
Home equity loans and lines of credit
|
|
78
|
|
|
640
|
|
|
475
|
|
|
236
|
|
|
61
|
|
|
1,490
|
|
||||||
|
Construction
|
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640
|
|
||||||
|
Total
|
|
$
|
26,371
|
|
|
$
|
2,703
|
|
|
$
|
20,901
|
|
|
$
|
33,362
|
|
|
$
|
9,163
|
|
|
$
|
92,500
|
|
|
|
|
Credit
Exposure
|
|
Principal
Balance
|
|
Percent
Delinquent
90 days or More
|
|
Mean CLTV
Percent at
Origination (2)
|
|
Current Mean
CLTV Percent (3)
|
|||||||
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|||||||||
|
Home equity lines of credit in draw period (by state)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ohio
|
|
$
|
1,533,423
|
|
|
$
|
773,120
|
|
|
0.45
|
%
|
|
62
|
%
|
|
73
|
%
|
|
Florida
|
|
888,234
|
|
|
634,230
|
|
|
1.01
|
%
|
|
62
|
%
|
|
102
|
%
|
||
|
California
|
|
349,485
|
|
|
252,996
|
|
|
0.36
|
%
|
|
68
|
%
|
|
89
|
%
|
||
|
Other (1)
|
|
633,885
|
|
|
389,998
|
|
|
0.23
|
%
|
|
63
|
%
|
|
73
|
%
|
||
|
Total home equity lines of credit in draw period
|
|
3,405,027
|
|
|
2,050,344
|
|
|
0.57
|
%
|
|
62
|
%
|
|
80
|
%
|
||
|
Home equity lines in repayment, home equity loans and bridge loans
|
|
188,670
|
|
|
188,670
|
|
|
2.44
|
%
|
|
66
|
%
|
|
67
|
%
|
||
|
Total
|
|
$
|
3,593,697
|
|
|
$
|
2,239,014
|
|
|
0.73
|
%
|
|
63
|
%
|
|
79
|
%
|
|
(1)
|
No individual state has a credit exposure or drawn balance greater than 5% of the total.
|
|
(2)
|
Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount.
|
|
(3)
|
Current Mean CLTV is based on best available first mortgage and property values as of
June 30, 2012
. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance.
|
|
|
|
Credit
Exposure
|
|
Principal
Balance
|
|
Percent
Delinquent
90 days or More
|
|
Mean CLTV
Percent at
Origination (1)
|
|
Current Mean
CLTV
Percent (2)
|
|||||||
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|||||||||
|
Home equity lines of credit in draw period
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
2000 and prior
|
|
$
|
359,185
|
|
|
$
|
164,319
|
|
|
0.45
|
%
|
|
47
|
%
|
|
65
|
%
|
|
2001
|
|
59,087
|
|
|
36,403
|
|
|
1.36
|
%
|
|
67
|
%
|
|
74
|
%
|
||
|
2002
|
|
156,828
|
|
|
84,077
|
|
|
1.05
|
%
|
|
65
|
%
|
|
71
|
%
|
||
|
2003
|
|
292,472
|
|
|
153,793
|
|
|
0.64
|
%
|
|
68
|
%
|
|
74
|
%
|
||
|
2004
|
|
183,679
|
|
|
103,737
|
|
|
0.90
|
%
|
|
67
|
%
|
|
80
|
%
|
||
|
2005
|
|
129,645
|
|
|
79,698
|
|
|
1.40
|
%
|
|
68
|
%
|
|
89
|
%
|
||
|
2006
|
|
304,231
|
|
|
200,412
|
|
|
0.98
|
%
|
|
66
|
%
|
|
97
|
%
|
||
|
2007
|
|
468,944
|
|
|
337,662
|
|
|
0.70
|
%
|
|
67
|
%
|
|
98
|
%
|
||
|
2008
|
|
978,382
|
|
|
646,888
|
|
|
0.26
|
%
|
|
64
|
%
|
|
81
|
%
|
||
|
2009
|
|
423,708
|
|
|
221,649
|
|
|
0.22
|
%
|
|
56
|
%
|
|
67
|
%
|
||
|
2010
|
|
38,743
|
|
|
17,647
|
|
|
—
|
%
|
|
58
|
%
|
|
66
|
%
|
||
|
2011(3)
|
|
232
|
|
|
134
|
|
|
—
|
%
|
|
39
|
%
|
|
120
|
%
|
||
|
2012
|
|
9,891
|
|
|
3,925
|
|
|
—
|
%
|
|
51
|
%
|
|
50
|
%
|
||
|
Total home equity lines of credit in draw period
|
|
3,405,027
|
|
|
2,050,344
|
|
|
0.57
|
%
|
|
62
|
%
|
|
80
|
%
|
||
|
Home equity lines in repayment, home equity loans and bridge loans
|
|
188,670
|
|
|
188,670
|
|
|
2.44
|
%
|
|
66
|
%
|
|
67
|
%
|
||
|
Total
|
|
$
|
3,593,697
|
|
|
$
|
2,239,014
|
|
|
0.73
|
%
|
|
63
|
%
|
|
79
|
%
|
|
(1)
|
Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount.
|
|
(2)
|
Current Mean CLTV is based on best available first mortgage and property values as of
June 30, 2012
. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance.
|
|
(3)
|
Amounts represent home equity lines of credit that were previously originated, and that were closed and subsequently replaced in 2011.
|
|
|
|
Credit
Exposure
|
|
Principal
Balance
|
|
Percent
of Total
|
|
Percent
Delinquent
90 days or
More
|
|
Mean CLTV
Percent at
Origination
|
|
Current
Mean
CLTV
Percent
|
||||||||
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||||
|
Home equity lines of credit in draw period (by current mean CLTV) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
< 80%
|
|
$
|
1,663,914
|
|
|
$
|
817,058
|
|
|
39.8
|
%
|
|
0.74
|
%
|
|
51
|
%
|
|
54
|
%
|
|
80 - 89.9%
|
|
440,999
|
|
|
262,239
|
|
|
12.8
|
%
|
|
0.80
|
%
|
|
72
|
%
|
|
85
|
%
|
||
|
90 - 100%
|
|
337,427
|
|
|
222,591
|
|
|
10.9
|
%
|
|
0.58
|
%
|
|
76
|
%
|
|
95
|
%
|
||
|
> 100%
|
|
751,077
|
|
|
619,342
|
|
|
30.2
|
%
|
|
0.31
|
%
|
|
77
|
%
|
|
134
|
%
|
||
|
Unknown (2)
|
|
211,610
|
|
|
129,114
|
|
|
6.3
|
%
|
|
0.20
|
%
|
|
63
|
%
|
|
|
|||
|
|
|
$
|
3,405,027
|
|
|
$
|
2,050,344
|
|
|
100.0
|
%
|
|
0.57
|
%
|
|
62
|
%
|
|
80
|
%
|
|
(1)
|
Balances are net of partial charge-offs and the current LTV category is calculated on the net balances.
|
|
(2)
|
Market data necessary for stratification is not readily available.
|
|
|
|
Three Months Ended
|
|||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|||||||||||||||||||
|
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|||||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Balance - beginning of period
|
|
23,879
|
|
|
$
|
—
|
|
|
$
|
23,879
|
|
|
32,003
|
|
—
|
|
$
|
—
|
|
|
$
|
32,003
|
|
|
Additions from loan securitizations/sales
|
|
|
|
|
|
—
|
|
|
113
|
|
|
|
|
113
|
|
||||||||
|
Amortization
|
|
(2,074
|
)
|
|
|
|
(2,074
|
)
|
|
(1,325
|
)
|
|
|
|
(1,325
|
)
|
|||||||
|
Net change in valuation allowance
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
—
|
|
||||||
|
Balance - end of period
|
|
21,805
|
|
|
—
|
|
|
21,805
|
|
|
30,791
|
|
—
|
|
—
|
|
|
30,791
|
|
||||
|
Fair value of capitalized amounts
|
|
|
|
|
|
$
|
27,206
|
|
|
|
|
|
|
$
|
57,121
|
|
|||||||
|
|
|
Nine Months Ended
|
|||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|||||||||||||||||||
|
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|||||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Balance - beginning of period
|
|
28,919
|
|
|
$
|
—
|
|
|
$
|
28,919
|
|
|
38,676
|
|
—
|
|
$
|
(18
|
)
|
|
$
|
38,658
|
|
|
Additions from loan securitizations/sales
|
|
|
|
|
|
—
|
|
|
137
|
|
|
|
|
137
|
|
||||||||
|
Amortization
|
|
(7,114
|
)
|
|
|
|
(7,114
|
)
|
|
(8,022
|
)
|
|
|
|
(8,022
|
)
|
|||||||
|
Net change in valuation allowance
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
18
|
|
|
18
|
|
||||||
|
Balance - end of period
|
|
21,805
|
|
|
—
|
|
|
21,805
|
|
|
30,791
|
|
—
|
|
—
|
|
|
30,791
|
|
||||
|
Fair value of capitalized amounts
|
|
|
|
|
|
$
|
27,206
|
|
|
|
|
|
|
$
|
57,121
|
|
|||||||
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
||||||||||||||||||
|
|
|
Number
of
Loans
|
|
Balance
|
|
Losses or
Charges
Incurred
|
|
Number
of
Loans
|
|
Balance
|
|
Losses or
Charges
Incurred
|
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||
|
Repurchased loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-recourse, non-performing loans(1)
|
|
3
|
|
|
$
|
830
|
|
|
$
|
98
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Recourse, non-performing loans(2)
|
|
1
|
|
|
43
|
|
|
—
|
|
|
2
|
|
|
106
|
|
|
—
|
|
||||
|
Non-recourse, performing loans(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Post-disposition file reviews(4)
|
|
4
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Compensatory fees related to default servicing(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
8
|
|
|
$
|
873
|
|
|
$
|
394
|
|
|
2
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
||||||||||||||||||
|
|
|
Number
of
Loans
|
|
Balance
|
|
Losses or
Charges
Incurred
|
|
Number
of
Loans
|
|
Balance
|
|
Losses or
Charges
Incurred
|
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||
|
Repurchased loans:
|
|
|
||||||||||||||||||||
|
Non-recourse, non-performing loans(1)
|
|
15
|
|
|
$
|
3,177
|
|
|
$
|
485
|
|
|
1
|
|
|
$
|
137
|
|
|
$
|
—
|
|
|
Recourse, non-performing loans(2)
|
|
3
|
|
|
86
|
|
|
—
|
|
|
5
|
|
|
205
|
|
|
—
|
|
||||
|
Non-recourse, performing loans(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
797
|
|
|
—
|
|
||||
|
Post-disposition file reviews(4)
|
|
12
|
|
|
—
|
|
|
897
|
|
|
3
|
|
|
—
|
|
|
347
|
|
||||
|
Compensatory fees related to default servicing(5)
|
|
—
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
30
|
|
|
$
|
3,263
|
|
|
$
|
1,474
|
|
|
14
|
|
|
$
|
1,139
|
|
|
$
|
347
|
|
|
(1)
|
Repurchases of non-recourse, non-performing loans were generally attributed to underwriting (primarily debt-to-income ratio) non-compliance.
|
|
(2)
|
At
June 30, 2012
the Association serviced 180 loans with a principal balance of $6.4 million for Fannie Mae that were subject to recourse. Of these, seven loans with principal balances that totaled $180 thousand were delinquent 30 days or more. All other loans serviced for others were sold without recourse.
|
|
(3)
|
Repurchases of non-recourse, performing loans during prior periods were the result of post-sales file reviews that identified underwriting (primarily debt-to-income ratio) non-compliance.
|
|
(4)
|
Post-disposition file reviews resulted in losses or charges when loans which had been sold to Fannie Mae failed to perform; the underlying collateral was sold; a loss was incurred; and a post-disposition file review identified underwriting (primarily debt-to-income ratio) non-compliance.
|
|
(5)
|
Compensatory fees related to default servicing represented instances in which the Association's default servicing procedures did not comply with Fannie Mae's servicing requirements.
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|||||||||||||||||||||
|
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
|||||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||||||
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Other interest-bearing cash equivalents
|
|
$
|
279,968
|
|
|
$
|
190
|
|
|
|
0.27
|
%
|
|
$
|
259,418
|
|
|
$
|
132
|
|
|
|
0.20
|
%
|
|
|
Investment securities
|
|
10,070
|
|
|
9
|
|
|
|
0.36
|
%
|
|
10,617
|
|
|
9
|
|
|
|
0.34
|
%
|
|||||
|
Mortgage-backed securities
|
|
377,799
|
|
|
1,507
|
|
|
|
1.60
|
%
|
|
470,380
|
|
|
2,905
|
|
|
|
2.47
|
%
|
|||||
|
Loans
|
|
10,377,112
|
|
|
102,143
|
|
|
|
3.94
|
%
|
|
9,886,873
|
|
|
103,845
|
|
|
|
4.20
|
%
|
|||||
|
Federal Home Loan Bank stock
|
|
35,620
|
|
|
376
|
|
|
|
4.22
|
%
|
|
35,620
|
|
|
395
|
|
|
|
4.44
|
%
|
|||||
|
Total interest-earning assets
|
|
11,080,569
|
|
|
104,225
|
|
|
|
3.76
|
%
|
|
10,662,908
|
|
|
107,286
|
|
|
|
4.02
|
%
|
|||||
|
Noninterest-earning assets
|
|
295,612
|
|
|
|
|
|
|
|
256,182
|
|
|
|
|
|
|
|
||||||||
|
Total assets
|
|
$
|
11,376,181
|
|
|
|
|
|
|
|
$
|
10,919,090
|
|
|
|
|
|
|
|||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
NOW accounts
|
|
$
|
1,000,083
|
|
|
715
|
|
|
|
0.29
|
%
|
|
$
|
990,841
|
|
|
933
|
|
|
|
0.38
|
%
|
|||
|
Savings accounts
|
|
1,777,844
|
|
|
1,778
|
|
|
|
0.40
|
%
|
|
1,649,197
|
|
|
2,580
|
|
|
|
0.63
|
%
|
|||||
|
Certificates of deposit
|
|
6,113,501
|
|
|
35,211
|
|
|
|
2.30
|
%
|
|
6,090,631
|
|
|
40,210
|
|
|
|
2.64
|
%
|
|||||
|
Borrowed funds
|
|
394,682
|
|
|
657
|
|
|
|
0.67
|
%
|
|
173,944
|
|
|
518
|
|
|
|
1.19
|
%
|
|||||
|
Total interest-bearing liabilities
|
|
9,286,110
|
|
|
38,361
|
|
|
|
1.65
|
%
|
|
8,904,613
|
|
|
44,241
|
|
|
|
1.99
|
%
|
|||||
|
Noninterest-bearing liabilities
|
|
285,112
|
|
|
|
|
|
|
|
256,149
|
|
|
|
|
|
|
|||||||||
|
Total liabilities
|
|
9,571,222
|
|
|
|
|
|
|
|
9,160,762
|
|
|
|
|
|
|
|||||||||
|
Shareholders’ equity
|
|
1,804,959
|
|
|
|
|
|
|
|
1,758,328
|
|
1,801,099,000
|
|
|
|
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
|
$
|
11,376,181
|
|
|
|
|
|
|
|
$
|
10,919,090
|
|
|
|
|
|
|
|||||||
|
Net interest income
|
|
|
|
$
|
65,864
|
|
|
|
|
|
|
|
|
$
|
63,045
|
|
|
|
|
|
|||||
|
Interest rate spread (2)
|
|
|
|
|
|
|
|
2.11
|
%
|
|
|
|
|
|
|
2.03
|
%
|
||||||||
|
Net interest-earning assets (3)
|
|
$
|
1,794,459
|
|
|
|
|
|
|
|
|
$
|
1,758,295
|
|
|
|
|
|
|
|
|||||
|
Net interest margin (4)
|
|
|
|
2.38
|
%
|
(1)
|
|
|
|
|
|
2.37
|
%
|
(1)
|
|
|
|||||||||
|
Average interest-earning assets to average interest-bearing liabilities
|
|
119.32
|
%
|
|
|
|
|
|
|
119.75
|
%
|
|
|
|
|
|
|||||||||
|
Selected performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Return on average assets
|
|
|
|
0.03
|
%
|
(1)
|
|
|
|
|
|
0.22
|
%
|
(1)
|
|
|
|||||||||
|
Return on average equity
|
|
|
|
0.20
|
%
|
(1)
|
|
|
|
|
|
1.36
|
%
|
(1)
|
|
|
|||||||||
|
Average equity to average assets
|
|
|
|
15.87
|
%
|
|
|
|
|
|
|
16.10
|
%
|
|
|
|
|||||||||
|
(1)
|
Annualized
|
|
(2)
|
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|
(3)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|
(4)
|
Net interest margin represents net interest income divided by total interest-earning assets.
|
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2012
|
|
June 30, 2011
|
||||||||||||||||||||
|
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Other interest-bearing cash equivalents
|
|
$
|
280,319
|
|
|
$
|
535
|
|
|
|
0.25
|
%
|
|
$
|
316,493
|
|
|
$
|
664
|
|
|
|
0.28
|
%
|
|
Investment securities
|
|
10,327
|
|
|
28
|
|
|
|
0.36
|
%
|
|
12,227
|
|
|
91
|
|
|
|
0.99
|
%
|
||||
|
Mortgage-backed securities
|
|
370,081
|
|
|
4,830
|
|
|
|
1.74
|
%
|
|
534,040
|
|
|
9,108
|
|
|
|
2.27
|
%
|
||||
|
Loans
|
|
10,193,762
|
|
|
308,045
|
|
|
|
4.03
|
%
|
|
9,810,287
|
|
|
309,439
|
|
|
|
4.21
|
%
|
||||
|
Federal Home Loan Bank stock
|
|
35,620
|
|
|
1,140
|
|
|
|
4.27
|
%
|
|
35,620
|
|
|
1,158
|
|
|
|
4.33
|
%
|
||||
|
Total interest-earning assets
|
|
10,890,109
|
|
|
314,578
|
|
|
|
3.85
|
%
|
|
10,708,667
|
|
|
320,460
|
|
|
|
3.99
|
%
|
||||
|
Noninterest-earning assets
|
|
280,282
|
|
|
|
|
|
|
|
266,983
|
|
|
|
|
|
|
||||||||
|
Total assets
|
|
$
|
11,170,391
|
|
|
|
|
|
|
|
$
|
10,975,650
|
|
|
|
|
|
|
||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW accounts
|
|
$
|
983,734
|
|
|
$
|
2,121
|
|
|
|
0.29
|
%
|
|
$
|
979,186
|
|
|
$
|
2,769
|
|
|
|
0.38
|
%
|
|
Savings accounts
|
|
1,751,815
|
|
|
5,866
|
|
|
|
0.45
|
%
|
|
1,617,485
|
|
|
7,639
|
|
|
|
0.63
|
%
|
||||
|
Certificates of deposit
|
|
6,011,868
|
|
|
108,813
|
|
|
|
2.41
|
%
|
|
6,167,622
|
|
|
124,979
|
|
|
|
2.70
|
%
|
||||
|
Borrowed funds
|
|
331,863
|
|
|
1,874
|
|
|
|
0.75
|
%
|
|
117,382
|
|
|
1,441
|
|
|
|
1.64
|
%
|
||||
|
Total interest-bearing liabilities
|
|
9,079,280
|
|
|
118,674
|
|
|
|
1.74
|
%
|
|
8,881,675
|
|
|
136,828
|
|
|
|
2.05
|
%
|
||||
|
Noninterest-bearing liabilities
|
|
294,024
|
|
|
|
|
|
|
|
340,647
|
|
|
|
|
|
|
||||||||
|
Total liabilities
|
|
9,373,304
|
|
|
|
|
|
|
|
9,222,322
|
|
|
|
|
|
|
||||||||
|
Stockholders’ equity
|
|
1,797,087
|
|
|
|
|
|
|
|
1,753,328
|
|
|
|
|
|
|
||||||||
|
Total liabilities and stockholders’ equity
|
|
$
|
11,170,391
|
|
|
|
|
|
|
|
$
|
10,975,650
|
|
|
|
|
|
|
||||||
|
Net interest income
|
|
|
|
$
|
195,904
|
|
|
|
|
|
|
|
$
|
183,632
|
|
|
|
|
||||||
|
Interest rate spread (2)
|
|
|
|
|
|
|
2.11
|
%
|
|
|
|
|
|
|
1.94
|
%
|
||||||||
|
Net interest-earning assets (3)
|
|
$
|
1,810,829
|
|
|
|
|
|
|
|
$
|
1,826,992
|
|
|
|
|
|
|
||||||
|
Net interest margin (4)
|
|
|
|
2.40
|
%
|
(1)
|
|
|
|
|
|
2.29
|
%
|
(1)
|
|
|
||||||||
|
Average interest-earning assets to average interest-bearing liabilities
|
|
119.94
|
%
|
|
|
|
|
|
|
120.57
|
%
|
|
|
|
|
|
||||||||
|
Selected performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Return on average assets
|
|
|
|
0.12
|
%
|
(1)
|
|
|
|
|
|
0.01
|
%
|
(1)
|
|
|
||||||||
|
Return on average equity
|
|
|
|
0.77
|
%
|
(1)
|
|
|
|
|
|
0.07
|
%
|
(1)
|
|
|
||||||||
|
Average equity to average assets
|
|
|
|
16.09
|
%
|
|
|
|
|
|
|
15.97
|
%
|
|
|
|
||||||||
|
(1)
|
Annualized
|
|
(2)
|
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|
(3)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|
(4)
|
Net interest margin represents net interest income divided by total interest-earning assets.
|
|
|
|
Actual
|
|
Required
|
||||||||||
|
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
|
Total Capital to Risk Weighted Assets
|
|
$
|
1,616,304
|
|
|
22.08
|
%
|
|
$
|
732,119
|
|
|
10.00
|
%
|
|
Core Capital to Adjusted Tangible Assets
|
|
1,524,593
|
|
|
13.32
|
|
|
572,347
|
|
|
5.00
|
|
||
|
Tier 1 Capital to Risk-Weighted Assets
|
|
1,524,593
|
|
|
20.82
|
|
|
439,272
|
|
|
6.00
|
|
||
|
(i)
|
marketing adjustable-rate loan products;
|
|
(ii)
|
lengthening the weighted average remaining term of major funding sources, primarily by offering attractive interest rates on deposit products, particularly longer-term certificates of deposit;
|
|
(iii)
|
investing in shorter- to medium-term investments and mortgage-backed securities;
|
|
(iv)
|
maintaining high levels of capital; and
|
|
(v)
|
securitizing and/or selling long-term, fixed-rate residential real estate mortgage loans.
|
|
|
|
|
|
|
|
|
|
EVE as a Percentage of
Present Value of Assets (3)
|
|||||||||
|
Change in
Interest Rates
(basis points) (1)
|
|
Estimated
EVE (2)
|
|
Estimated Increase (Decrease) in
EVE
|
|
EVE
Ratio (4)
|
|
Increase
(Decrease)
(basis
points)
|
|||||||||
|
Amount
|
|
Percent
|
|
||||||||||||||
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|||||||||
|
+300
|
|
$
|
1,055,427
|
|
|
$
|
(750,437
|
)
|
|
(42.0
|
)%
|
|
10.01
|
%
|
|
(518
|
)
|
|
+200
|
|
1,333,990
|
|
|
(471,874
|
)
|
|
(26.0
|
)%
|
|
12.12
|
%
|
|
(307
|
)
|
||
|
+100
|
|
1,601,836
|
|
|
(204,028
|
)
|
|
(11.0
|
)%
|
|
13.97
|
%
|
|
(122
|
)
|
||
|
0
|
|
1,805,864
|
|
|
—
|
|
|
—
|
|
|
15.19
|
%
|
|
—
|
|
||
|
--100
|
|
1,798,496
|
|
|
(7,369
|
)
|
|
(0.4
|
)%
|
|
14.82
|
%
|
|
(36
|
)
|
||
|
(1)
|
Assumes an instantaneous uniform change in interest rates at all maturities.
|
|
(2)
|
EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
|
|
(3)
|
Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
|
|
(4)
|
EVE Ratio represents EVE divided by the present value of assets.
|
|
|
|
At June 30,
2012
|
|
At September 30,
2011
|
||
|
Pre-Shock EVE Ratio
|
|
15.19
|
%
|
|
15.43
|
%
|
|
Post-Shock EVE Ratio
|
|
12.12
|
%
|
|
12.31
|
%
|
|
Sensitivity Measure in basis points
|
|
(307
|
)
|
|
(312
|
)
|
|
(a)
|
Not applicable
|
|
(b)
|
Not applicable
|
|
(c)
|
The Company did not repurchase any shares of common stock during the quarter ended
June 30, 2012
.
|
|
31.1
|
|
Certification of chief executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
|
|
|
31.2
|
|
Certification of chief financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
|
|
|
32
|
|
Certification of chief executive officer and chief financial officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350
|
|
|
|
|
|
101
|
|
The following financial statements from TFS Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 9, 2012, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flows, (iv) Consolidated Statements of Equity, (v) the Notes to Condensed Consolidated Financial Statements.
|
|
101.INS
|
|
Interactive datafile XBRL Instance Document
|
|
|
|
|
|
101.SCH
|
|
Interactive datafile XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
|
Interactive datafile XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
101.DEF
|
|
Interactive datafile XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
101.LAB
|
|
Interactive datafile XBRL Taxonomy Extension Label Linkbase
|
|
|
|
|
|
101.PRE
|
|
Interactive datafile XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
TFS Financial Corporation
|
|
|
|
|
|
|
Dated:
|
August 9, 2012
|
|
/s/ Marc A. Stefanski
|
|
|
|
|
Marc A. Stefanski
|
|
|
|
|
Chairman of the Board, President
and Chief Executive Officer
|
|
|
|
|
|
|
Dated:
|
August 9, 2012
|
|
/s/ David S. Huffman
|
|
|
|
|
David S. Huffman
|
|
|
|
|
Chief Financial Officer and Secretary
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|