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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,
2013 |
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September 30,
2012 |
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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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34,401
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$
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38,914
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Other interest-earning cash equivalents
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262,578
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269,348
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Cash and cash equivalents
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296,979
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308,262
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Investment securities:
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||||
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Available for sale (amortized cost $456,402 and $417,416, respectively)
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454,530
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421,430
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Mortgage loans held for sale, at lower of cost or market ($3,017 measured at fair value, September 30, 2012)
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4,376
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124,528
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Loans held for investment, net:
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||||
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Mortgage loans
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10,064,307
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10,339,402
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Other loans
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4,276
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4,612
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Deferred loan fees, net
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(14,810
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)
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(18,561
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)
|
||
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Allowance for loan losses
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(96,524
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)
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(100,464
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)
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Loans, net
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9,957,249
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10,224,989
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Mortgage loan servicing assets, net
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15,272
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19,613
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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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20,354
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19,647
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Premises, equipment, and software, net
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58,644
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61,150
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Accrued interest receivable
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31,576
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34,887
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Bank owned life insurance contracts
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182,058
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177,279
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Other assets
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79,882
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90,720
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TOTAL ASSETS
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$
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11,136,540
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$
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11,518,125
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Deposits
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$
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8,630,530
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$
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8,981,419
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Borrowed funds
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475,062
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488,191
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Borrowers’ advances for insurance and taxes
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47,527
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67,864
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Principal, interest, and related escrow owed on loans serviced
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78,940
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127,539
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Accrued expenses and other liabilities
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52,550
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46,262
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Total liabilities
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9,284,609
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9,711,275
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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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—
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—
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Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 309,159,425 and 309,009,393 outstanding at June 30, 2013 and September 30, 2012, respectively
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3,323
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3,323
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Paid-in capital
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1,695,360
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1,691,884
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Treasury stock, at cost; 23,159,325 and 23,309,357 shares at June 30, 2013 and September 30, 2012, respectively
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(279,090
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)
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(280,937
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)
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Unallocated ESOP shares
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(71,501
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)
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(74,751
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)
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Retained earnings—substantially restricted
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513,311
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473,247
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Accumulated other comprehensive loss
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(9,472
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)
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(5,916
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)
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Total shareholders’ equity
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1,851,931
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1,806,850
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$
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11,136,540
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$
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11,518,125
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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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2013
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2012
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2013
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2012
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||||||||
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INTEREST AND DIVIDEND INCOME:
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Loans, including fees
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$
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92,399
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$
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102,143
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$
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286,329
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$
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308,046
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Investment securities available for sale
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1,260
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543
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3,452
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|
613
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||||
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Investment securities held to maturity
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—
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973
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—
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4,245
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||||
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Other interest and dividend earning assets
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545
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566
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1,646
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1,674
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||||
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Total interest and dividend income
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94,204
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104,225
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291,427
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314,578
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||||
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INTEREST EXPENSE:
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||||||||
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Deposits
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27,049
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37,704
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86,214
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116,800
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||||
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Borrowed funds
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1,027
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|
657
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2,739
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1,874
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||||
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Total interest expense
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28,076
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38,361
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88,953
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118,674
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||||
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NET INTEREST INCOME
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66,128
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65,864
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202,474
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195,904
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||||
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PROVISION FOR LOAN LOSSES
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5,000
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31,000
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33,000
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73,000
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||||
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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61,128
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34,864
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169,474
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122,904
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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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2,141
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|
2,960
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6,590
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|
|
9,057
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|
||||
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Net gain on the sale of loans
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3,978
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|
—
|
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8,257
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|
|
—
|
|
||||
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Increase in and death benefits from bank owned life insurance contracts
|
1,611
|
|
|
1,607
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|
|
4,793
|
|
|
4,829
|
|
||||
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Other
|
1,094
|
|
|
1,744
|
|
|
3,537
|
|
|
4,545
|
|
||||
|
Total non-interest income
|
8,824
|
|
|
6,311
|
|
|
23,177
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|
|
18,431
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|
||||
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NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||
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Salaries and employee benefits
|
21,929
|
|
|
18,375
|
|
|
64,356
|
|
|
59,809
|
|
||||
|
Marketing services
|
3,219
|
|
|
2,376
|
|
|
9,471
|
|
|
7,130
|
|
||||
|
Office property, equipment and software
|
5,004
|
|
|
5,392
|
|
|
15,318
|
|
|
15,463
|
|
||||
|
Federal insurance premium and assessments
|
2,878
|
|
|
3,390
|
|
|
9,835
|
|
|
10,779
|
|
||||
|
State franchise tax
|
1,564
|
|
|
1,672
|
|
|
4,976
|
|
|
4,377
|
|
||||
|
Real estate owned expense, net
|
2,087
|
|
|
2,424
|
|
|
4,768
|
|
|
6,431
|
|
||||
|
Appraisal and other loan review expenses
|
725
|
|
|
322
|
|
|
2,510
|
|
|
2,475
|
|
||||
|
Other operating expenses
|
8,860
|
|
|
6,791
|
|
|
22,795
|
|
|
20,077
|
|
||||
|
Total non-interest expense
|
46,266
|
|
|
40,742
|
|
|
134,029
|
|
|
126,541
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
23,686
|
|
|
433
|
|
|
58,622
|
|
|
14,794
|
|
||||
|
INCOME TAX EXPENSE (BENEFIT)
|
7,439
|
|
|
(459
|
)
|
|
18,432
|
|
|
4,421
|
|
||||
|
NET INCOME
|
$
|
16,247
|
|
|
$
|
892
|
|
|
$
|
40,190
|
|
|
$
|
10,373
|
|
|
Earnings per share—basic and diluted
|
$
|
0.05
|
|
|
$
|
0.00
|
|
|
$
|
0.13
|
|
|
$
|
0.03
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
301,913,844
|
|
|
301,274,602
|
|
|
301,746,918
|
|
|
301,157,535
|
|
||||
|
Diluted
|
302,926,219
|
|
|
301,936,577
|
|
|
302,587,159
|
|
|
301,681,201
|
|
||||
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Net income
|
$
|
16,247
|
|
|
$
|
892
|
|
|
$
|
40,190
|
|
|
$
|
10,373
|
|
|
Other comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
||||||||
|
Change in net unrealized (losses) gains on securities available for sale
|
(2,903
|
)
|
|
1,951
|
|
|
(3,827
|
)
|
|
1,931
|
|
||||
|
Change in pension obligation
|
91
|
|
|
37
|
|
|
271
|
|
|
10,694
|
|
||||
|
Total other comprehensive (loss) income
|
(2,812
|
)
|
|
1,988
|
|
|
(3,556
|
)
|
|
12,625
|
|
||||
|
Total comprehensive income
|
$
|
13,435
|
|
|
$
|
2,880
|
|
|
$
|
36,634
|
|
|
$
|
22,998
|
|
|
|
|
Common
stock
|
|
Paid-in
capital
|
|
Treasury
stock
|
|
Unallocated
common stock
held by ESOP
|
|
Retained
earnings
|
|
Accumulated other
comprehensive income (loss) |
|
Total
shareholders’
equity
|
||||||||||||||
|
Balance at September 30, 2011
|
|
$
|
3,323
|
|
|
$
|
1,686,216
|
|
|
$
|
(282,090
|
)
|
|
$
|
(79,084
|
)
|
|
$
|
461,836
|
|
|
$
|
(16,277
|
)
|
|
$
|
1,773,924
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,373
|
|
|
—
|
|
|
10,373
|
|
|||||||
|
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,625
|
|
|
12,625
|
|
|||||||
|
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
|
|
|
$
|
(3,652
|
)
|
|
$
|
1,805,440
|
|
|
Balance at September 30, 2012
|
|
$
|
3,323
|
|
|
$
|
1,691,884
|
|
|
$
|
(280,937
|
)
|
|
$
|
(74,751
|
)
|
|
$
|
473,247
|
|
|
$
|
(5,916
|
)
|
|
$
|
1,806,850
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,190
|
|
|
—
|
|
|
40,190
|
|
|||||||
|
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,556
|
)
|
|
(3,556
|
)
|
|||||||
|
ESOP shares allocated or committed to be released
|
|
—
|
|
|
2
|
|
|
—
|
|
|
3,250
|
|
|
—
|
|
|
—
|
|
|
3,252
|
|
|||||||
|
Compensation costs for stock-based plans
|
|
—
|
|
|
5,090
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,090
|
|
|||||||
|
Treasury stock allocated to restricted stock plan
|
|
—
|
|
|
(1,616
|
)
|
|
1,847
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
105
|
|
|||||||
|
Balance at June 30, 2013
|
|
$
|
3,323
|
|
|
$
|
1,695,360
|
|
|
$
|
(279,090
|
)
|
|
$
|
(71,501
|
)
|
|
$
|
513,311
|
|
|
$
|
(9,472
|
)
|
|
$
|
1,851,931
|
|
|
|
|
For the Nine Months Ended
|
||||||
|
|
|
June 30,
|
||||||
|
|
|
2013
|
|
2012
|
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
|
Net income
|
|
$
|
40,190
|
|
|
$
|
10,373
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
|
ESOP and stock-based compensation expense
|
|
8,447
|
|
|
8,518
|
|
||
|
Depreciation and amortization
|
|
17,318
|
|
|
14,397
|
|
||
|
Deferred income tax expense
|
|
(564
|
)
|
|
(500
|
)
|
||
|
Provision for loan losses
|
|
33,000
|
|
|
73,000
|
|
||
|
Net gain on the sale of loans
|
|
(8,257
|
)
|
|
—
|
|
||
|
Other net (gains) losses
|
|
(612
|
)
|
|
1,720
|
|
||
|
Principal repayments on and proceeds from sales of loans held for sale
|
|
59,796
|
|
|
12,766
|
|
||
|
Loans originated for sale
|
|
(51,319
|
)
|
|
—
|
|
||
|
Increase in bank owned life insurance contracts
|
|
(4,802
|
)
|
|
(4,822
|
)
|
||
|
Net decrease (increase) in interest receivable and other assets
|
|
16,074
|
|
|
(9,317
|
)
|
||
|
Net increase (decrease) in accrued expenses and other liabilities
|
|
6,948
|
|
|
(1,388
|
)
|
||
|
Other
|
|
353
|
|
|
557
|
|
||
|
Net cash provided by operating activities
|
|
116,572
|
|
|
105,304
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
|
Loans originated
|
|
(1,737,217
|
)
|
|
(2,299,916
|
)
|
||
|
Principal repayments on loans
|
|
1,787,026
|
|
|
1,591,983
|
|
||
|
Proceeds from principal repayments and maturities of:
|
|
|
|
|
||||
|
Securities available for sale
|
|
161,664
|
|
|
19,495
|
|
||
|
Securities held to maturity
|
|
—
|
|
|
139,533
|
|
||
|
Proceeds from sale of:
|
|
|
|
|
||||
|
Loans
|
|
282,353
|
|
|
—
|
|
||
|
Real estate owned
|
|
19,116
|
|
|
16,950
|
|
||
|
Purchases of:
|
|
|
|
|
||||
|
Securities available for sale
|
|
(206,000
|
)
|
|
(41,919
|
)
|
||
|
Securities held to maturity
|
|
—
|
|
|
(93,509
|
)
|
||
|
Premises and equipment
|
|
(1,727
|
)
|
|
(2,755
|
)
|
||
|
Other
|
|
(116
|
)
|
|
(35
|
)
|
||
|
Net cash provided by (used in) investing activities
|
|
305,099
|
|
|
(670,173
|
)
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
|
Net (decrease) increase in deposits
|
|
(350,889
|
)
|
|
241,239
|
|
||
|
Net decrease in borrowers’ advances for insurance and taxes
|
|
(20,337
|
)
|
|
(25,421
|
)
|
||
|
Net decrease in principal and interest owed on loans serviced
|
|
(48,599
|
)
|
|
(57,320
|
)
|
||
|
Net (decrease) increase in short term borrowed funds
|
|
(204,836
|
)
|
|
427,877
|
|
||
|
Proceeds from long term borrowed funds
|
|
200,000
|
|
|
5,000
|
|
||
|
Repayment of long term borrowed funds
|
|
(8,293
|
)
|
|
(3,000
|
)
|
||
|
Net cash (used in) provided by financing activities
|
|
(432,954
|
)
|
|
588,375
|
|
||
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
(11,283
|
)
|
|
23,506
|
|
||
|
CASH AND CASH EQUIVALENTS—Beginning of period
|
|
308,262
|
|
|
294,846
|
|
||
|
CASH AND CASH EQUIVALENTS—End of period
|
|
$
|
296,979
|
|
|
$
|
318,352
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid for interest on deposits
|
|
$
|
86,519
|
|
|
$
|
117,280
|
|
|
Cash paid for interest on borrowed funds
|
|
2,575
|
|
|
1,874
|
|
||
|
Cash paid for income taxes
|
|
15,200
|
|
|
15,694
|
|
||
|
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
||||
|
Transfer of loans to real estate owned
|
|
18,835
|
|
|
17,191
|
|
||
|
Transfer of loans from held for sale to held for investment
|
|
154,913
|
|
|
—
|
|
||
|
Transfer of loans from held for investment to held for sale
|
|
337,009
|
|
|
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,
|
||||||||||||||||||||
|
|
|
2013
|
|
2012
|
||||||||||||||||||
|
|
|
Income
|
|
Shares
|
|
Per share
amount
|
|
Income
|
|
Shares
|
|
Per share
amount
|
||||||||||
|
|
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
Net income
|
|
$
|
16,247
|
|
|
|
|
|
|
$
|
892
|
|
|
|
|
|
||||||
|
Less: income allocated to restricted stock units
|
|
82
|
|
|
|
|
|
|
5
|
|
|
|
|
|
||||||||
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income available to common shareholders
|
|
$
|
16,165
|
|
|
301,913,844
|
|
|
$
|
0.05
|
|
|
$
|
887
|
|
|
301,274,602
|
|
|
$
|
0.00
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Effect of dilutive potential common shares
|
|
|
|
1,012,375
|
|
|
|
|
|
|
661,975
|
|
|
|
||||||||
|
Income available to common shareholders
|
|
$
|
16,165
|
|
|
302,926,219
|
|
|
$
|
0.05
|
|
|
$
|
887
|
|
|
301,936,577
|
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
For the Nine Months Ended June 30,
|
||||||||||||||||||||
|
|
|
2013
|
|
2012
|
||||||||||||||||||
|
|
|
Income
|
|
Shares
|
|
Per share
amount
|
|
Income
|
|
Shares
|
|
Per share
amount
|
||||||||||
|
|
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
Net income
|
|
$
|
40,190
|
|
|
|
|
|
|
$
|
10,373
|
|
|
|
|
|
||||||
|
Less: income allocated to restricted stock units
|
|
209
|
|
|
|
|
|
|
55
|
|
|
|
|
|
||||||||
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income available to common shareholders
|
|
$
|
39,981
|
|
|
301,746,918
|
|
|
$
|
0.13
|
|
|
$
|
10,318
|
|
|
301,157,535
|
|
|
$
|
0.03
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Effect of dilutive potential common shares
|
|
|
|
840,241
|
|
|
|
|
|
|
523,666
|
|
|
|
||||||||
|
Income available to common shareholders
|
|
$
|
39,981
|
|
|
302,587,159
|
|
|
$
|
0.13
|
|
|
$
|
10,318
|
|
|
301,681,201
|
|
|
$
|
0.03
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Nine Months Ended June 30,
|
||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
|
Options to purchase shares
|
5,259,516
|
|
|
6,217,925
|
|
|
6,333,116
|
|
|
6,217,925
|
|
|
Restricted stock units
|
20,000
|
|
|
30,000
|
|
|
20,000
|
|
|
76,500
|
|
|
3.
|
INVESTMENT SECURITIES
|
|
|
|
June 30, 2013
|
||||||||||||||
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
|
|
Fair
Value
|
||||||||||
|
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. government and agency obligations
|
|
$
|
2,000
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
2,037
|
|
|
Freddie Mac certificates
|
|
902
|
|
|
58
|
|
|
—
|
|
|
960
|
|
||||
|
Ginnie Mae certificates
|
|
13,129
|
|
|
441
|
|
|
—
|
|
|
13,570
|
|
||||
|
Real estate mortgage investment conduits (REMICs)
|
|
421,856
|
|
|
1,601
|
|
|
(4,387
|
)
|
|
419,070
|
|
||||
|
Fannie Mae certificates
|
|
11,648
|
|
|
777
|
|
|
(399
|
)
|
|
12,026
|
|
||||
|
Money market accounts
|
|
6,867
|
|
|
—
|
|
|
—
|
|
|
6,867
|
|
||||
|
Total
|
|
$
|
456,402
|
|
|
$
|
2,914
|
|
|
$
|
(4,786
|
)
|
|
$
|
454,530
|
|
|
|
|
September 30, 2012
|
||||||||||||||
|
|
|
Amortized
Cost |
|
Gross
Unrealized |
|
Fair
Value |
||||||||||
|
|
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. government and agency obligations
|
|
$
|
2,000
|
|
|
$
|
56
|
|
|
$
|
—
|
|
|
$
|
2,056
|
|
|
Freddie Mac certificates
|
|
922
|
|
|
67
|
|
|
—
|
|
|
989
|
|
||||
|
Ginnie Mae certificates
|
|
16,123
|
|
|
663
|
|
|
—
|
|
|
16,786
|
|
||||
|
REMICs
|
|
383,545
|
|
|
2,772
|
|
|
(308
|
)
|
|
386,009
|
|
||||
|
Fannie Mae certificates
|
|
7,125
|
|
|
764
|
|
|
—
|
|
|
7,889
|
|
||||
|
Money market accounts
|
|
7,701
|
|
|
—
|
|
|
—
|
|
|
7,701
|
|
||||
|
Total
|
|
$
|
417,416
|
|
|
$
|
4,322
|
|
|
$
|
(308
|
)
|
|
$
|
421,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2013
|
||||||||||||||||||||||
|
|
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
|
$
|
230,917
|
|
|
$
|
4,168
|
|
|
$
|
23,245
|
|
|
$
|
219
|
|
|
$
|
254,162
|
|
|
$
|
4,387
|
|
|
Fannie Mae certificates
|
4,741
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
4,741
|
|
|
399
|
|
||||||
|
Total
|
$
|
235,658
|
|
|
$
|
4,567
|
|
|
$
|
23,245
|
|
|
$
|
219
|
|
|
$
|
258,903
|
|
|
$
|
4,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
September 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
|
$
|
80,219
|
|
|
$
|
291
|
|
|
$
|
6,550
|
|
|
$
|
17
|
|
|
$
|
86,769
|
|
|
$
|
308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
4.
|
LOANS AND ALLOWANCE FOR LOAN LOSSES
|
|
|
|
June 30,
2013 |
|
September 30,
2012 |
||||
|
Real estate loans:
|
|
|
|
|
||||
|
Residential non-Home Today
|
|
$
|
7,924,210
|
|
|
$
|
7,943,165
|
|
|
Residential Home Today
|
|
186,543
|
|
|
208,325
|
|
||
|
Home equity loans and lines of credit
|
|
1,926,483
|
|
|
2,155,496
|
|
||
|
Construction
|
|
60,630
|
|
|
69,152
|
|
||
|
Real estate loans
|
|
10,097,866
|
|
|
10,376,138
|
|
||
|
Consumer and other loans
|
|
4,276
|
|
|
4,612
|
|
||
|
Less:
|
|
|
|
|
||||
|
Deferred loan fees—net
|
|
(14,810
|
)
|
|
(18,561
|
)
|
||
|
Loans-in-process (“LIP”)
|
|
(33,559
|
)
|
|
(36,736
|
)
|
||
|
Allowance for loan losses
|
|
(96,524
|
)
|
|
(100,464
|
)
|
||
|
Loans held for investment, net
|
|
$
|
9,957,249
|
|
|
$
|
10,224,989
|
|
|
|
June 30,
2013 |
|
September 30,
2012 |
||||
|
Real estate loans:
|
|
|
|
||||
|
Residential non-Home Today
|
$
|
94,252
|
|
|
$
|
105,780
|
|
|
Residential Home Today
|
34,923
|
|
|
41,087
|
|
||
|
Home equity loans and lines of credit
|
29,559
|
|
|
35,316
|
|
||
|
Construction
|
198
|
|
|
377
|
|
||
|
Total real estate loans
|
158,932
|
|
|
182,560
|
|
||
|
Consumer and other loans
|
—
|
|
|
—
|
|
||
|
Total non-accrual loans
|
$
|
158,932
|
|
|
$
|
182,560
|
|
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
|
||||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
$
|
10,436
|
|
|
$
|
7,619
|
|
|
$
|
63,216
|
|
|
$
|
81,271
|
|
|
$
|
7,823,346
|
|
|
$
|
7,904,617
|
|
|
Residential Home Today
|
8,630
|
|
|
3,737
|
|
|
20,222
|
|
|
32,589
|
|
|
150,924
|
|
|
183,513
|
|
||||||
|
Home equity loans and lines of credit
|
5,555
|
|
|
3,295
|
|
|
13,107
|
|
|
21,957
|
|
|
1,911,963
|
|
|
1,933,920
|
|
||||||
|
Construction
|
143
|
|
|
—
|
|
|
198
|
|
|
341
|
|
|
27,106
|
|
|
27,447
|
|
||||||
|
Total real estate loans
|
24,764
|
|
|
14,651
|
|
|
96,743
|
|
|
136,158
|
|
|
9,913,339
|
|
|
10,049,497
|
|
||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,276
|
|
|
4,276
|
|
||||||
|
Total
|
$
|
24,764
|
|
|
$
|
14,651
|
|
|
$
|
96,743
|
|
|
$
|
136,158
|
|
|
$
|
9,917,615
|
|
|
$
|
10,053,773
|
|
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total Past
Due
|
|
Current
|
|
Total
|
||||||||||||
|
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
$
|
15,015
|
|
|
$
|
10,661
|
|
|
$
|
74,807
|
|
|
$
|
100,483
|
|
|
$
|
7,818,927
|
|
|
$
|
7,919,410
|
|
|
Residential Home Today
|
10,874
|
|
|
4,736
|
|
|
27,517
|
|
|
43,127
|
|
|
161,743
|
|
|
204,870
|
|
||||||
|
Home equity loans and lines of credit
|
8,676
|
|
|
3,210
|
|
|
16,587
|
|
|
28,473
|
|
|
2,136,255
|
|
|
2,164,728
|
|
||||||
|
Construction
|
—
|
|
|
—
|
|
|
377
|
|
|
377
|
|
|
31,456
|
|
|
31,833
|
|
||||||
|
Total real estate loans
|
34,565
|
|
|
18,607
|
|
|
119,288
|
|
|
172,460
|
|
|
10,148,381
|
|
|
10,320,841
|
|
||||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,612
|
|
|
4,612
|
|
||||||
|
Total
|
$
|
34,565
|
|
|
$
|
18,607
|
|
|
$
|
119,288
|
|
|
$
|
172,460
|
|
|
$
|
10,152,993
|
|
|
$
|
10,325,453
|
|
|
|
For the Three Months Ended June 30, 2013
|
||||||||||||||||||
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
$
|
34,172
|
|
|
$
|
2,842
|
|
|
$
|
(4,304
|
)
|
|
$
|
609
|
|
|
$
|
33,319
|
|
|
Residential Home Today
|
27,743
|
|
|
791
|
|
|
(2,332
|
)
|
|
444
|
|
|
26,646
|
|
|||||
|
Home equity loans and lines of credit
|
38,968
|
|
|
1,462
|
|
|
(5,819
|
)
|
|
1,774
|
|
|
36,385
|
|
|||||
|
Construction
|
334
|
|
|
(95
|
)
|
|
(68
|
)
|
|
3
|
|
|
174
|
|
|||||
|
Total real estate loans
|
101,217
|
|
|
5,000
|
|
|
(12,523
|
)
|
|
2,830
|
|
|
96,524
|
|
|||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
$
|
101,217
|
|
|
$
|
5,000
|
|
|
$
|
(12,523
|
)
|
|
$
|
2,830
|
|
|
$
|
96,524
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
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 Nine Months Ended June 30, 2013
|
||||||||||||||||||
|
|
Beginning
Balance
|
|
Provisions
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
$
|
31,618
|
|
|
$
|
14,703
|
|
|
$
|
(14,203
|
)
|
|
$
|
1,201
|
|
|
$
|
33,319
|
|
|
Residential Home Today
|
22,588
|
|
|
13,167
|
|
|
(9,705
|
)
|
|
596
|
|
|
26,646
|
|
|||||
|
Home equity loans and lines of credit
|
45,508
|
|
|
5,648
|
|
|
(18,797
|
)
|
|
4,026
|
|
|
36,385
|
|
|||||
|
Construction
|
750
|
|
|
(518
|
)
|
|
(121
|
)
|
|
63
|
|
|
174
|
|
|||||
|
Total real estate loans
|
100,464
|
|
|
33,000
|
|
|
(42,826
|
)
|
|
5,886
|
|
|
96,524
|
|
|||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
$
|
100,464
|
|
|
$
|
33,000
|
|
|
$
|
(42,826
|
)
|
|
$
|
5,886
|
|
|
$
|
96,524
|
|
|
|
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
|
|
|
|
|
June 30, 2013
|
|
September 30, 2012
|
||||||||||||||||||||
|
|
|
Individually
|
|
Collectively
|
|
Total
|
|
Individually
|
|
Collectively
|
|
Total
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
153,249
|
|
|
$
|
7,751,368
|
|
|
$
|
7,904,617
|
|
|
$
|
165,121
|
|
|
$
|
7,754,289
|
|
|
$
|
7,919,410
|
|
|
Residential Home Today
|
|
83,382
|
|
|
100,131
|
|
|
183,513
|
|
|
95,355
|
|
|
109,515
|
|
|
204,870
|
|
||||||
|
Home equity loans and lines of credit
|
|
32,503
|
|
|
1,901,417
|
|
|
1,933,920
|
|
|
37,016
|
|
|
2,127,712
|
|
|
2,164,728
|
|
||||||
|
Construction
|
|
753
|
|
|
26,694
|
|
|
27,447
|
|
|
1,378
|
|
|
30,455
|
|
|
31,833
|
|
||||||
|
Total real estate loans
|
|
269,887
|
|
|
9,779,610
|
|
|
10,049,497
|
|
|
298,870
|
|
|
10,021,971
|
|
|
10,320,841
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
4,276
|
|
|
4,276
|
|
|
—
|
|
|
4,612
|
|
|
4,612
|
|
||||||
|
Total
|
|
$
|
269,887
|
|
|
$
|
9,783,886
|
|
|
$
|
10,053,773
|
|
|
$
|
298,870
|
|
|
$
|
10,026,583
|
|
|
$
|
10,325,453
|
|
|
|
|
June 30, 2013
|
|
September 30, 2012
|
||||||||||||||||||||
|
|
|
Individually
|
|
Collectively
|
|
Total
|
|
Individually
|
|
Collectively
|
|
Total
|
||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
7,565
|
|
|
$
|
25,754
|
|
|
$
|
33,319
|
|
|
$
|
6,220
|
|
|
$
|
25,398
|
|
|
$
|
31,618
|
|
|
Residential Home Today
|
|
8,536
|
|
|
18,110
|
|
|
26,646
|
|
|
9,747
|
|
|
12,841
|
|
|
22,588
|
|
||||||
|
Home equity loans and lines of credit
|
|
1,181
|
|
|
35,204
|
|
|
36,385
|
|
|
3,928
|
|
|
41,580
|
|
|
45,508
|
|
||||||
|
Construction
|
|
6
|
|
|
168
|
|
|
174
|
|
|
41
|
|
|
709
|
|
|
750
|
|
||||||
|
Total real estate loans
|
|
17,288
|
|
|
79,236
|
|
|
96,524
|
|
|
19,936
|
|
|
80,528
|
|
|
100,464
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
17,288
|
|
|
$
|
79,236
|
|
|
$
|
96,524
|
|
|
$
|
19,936
|
|
|
$
|
80,528
|
|
|
$
|
100,464
|
|
|
|
|
June 30, 2013
|
|
September 30, 2012
|
||||||||||||||||||||
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
88,699
|
|
|
$
|
118,830
|
|
|
$
|
—
|
|
|
$
|
96,227
|
|
|
$
|
126,806
|
|
|
$
|
—
|
|
|
Residential Home Today
|
|
33,153
|
|
|
66,315
|
|
|
—
|
|
|
36,578
|
|
|
68,390
|
|
|
—
|
|
||||||
|
Home equity loans and lines of credit
|
|
25,477
|
|
|
53,815
|
|
|
—
|
|
|
24,397
|
|
|
41,974
|
|
|
—
|
|
||||||
|
Construction
|
|
687
|
|
|
943
|
|
|
—
|
|
|
970
|
|
|
1,349
|
|
|
—
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
148,016
|
|
|
$
|
239,903
|
|
|
$
|
—
|
|
|
$
|
158,172
|
|
|
$
|
238,519
|
|
|
$
|
—
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
64,550
|
|
|
$
|
66,019
|
|
|
$
|
7,565
|
|
|
$
|
68,894
|
|
|
$
|
70,577
|
|
|
$
|
6,220
|
|
|
Residential Home Today
|
|
50,229
|
|
|
51,207
|
|
|
8,536
|
|
|
58,777
|
|
|
60,104
|
|
|
9,747
|
|
||||||
|
Home equity loans and lines of credit
|
|
7,026
|
|
|
7,215
|
|
|
1,181
|
|
|
12,619
|
|
|
13,554
|
|
|
3,928
|
|
||||||
|
Construction
|
|
66
|
|
|
66
|
|
|
6
|
|
|
408
|
|
|
408
|
|
|
41
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
121,871
|
|
|
$
|
124,507
|
|
|
$
|
17,288
|
|
|
$
|
140,698
|
|
|
$
|
144,643
|
|
|
$
|
19,936
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
$
|
153,249
|
|
|
$
|
184,849
|
|
|
$
|
7,565
|
|
|
$
|
165,121
|
|
|
$
|
197,383
|
|
|
$
|
6,220
|
|
|
Residential Home Today
|
|
83,382
|
|
|
117,522
|
|
|
8,536
|
|
|
95,355
|
|
|
128,494
|
|
|
9,747
|
|
||||||
|
Home equity loans and lines of credit
|
|
32,503
|
|
|
61,030
|
|
|
1,181
|
|
|
37,016
|
|
|
55,528
|
|
|
3,928
|
|
||||||
|
Construction
|
|
753
|
|
|
1,009
|
|
|
6
|
|
|
1,378
|
|
|
1,757
|
|
|
41
|
|
||||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
269,887
|
|
|
$
|
364,410
|
|
|
$
|
17,288
|
|
|
$
|
298,870
|
|
|
$
|
383,162
|
|
|
$
|
19,936
|
|
|
•
|
For residential mortgage loans, payments are greater than
180
days delinquent;
|
|
•
|
For home equity lines of credit, equity loans, and residential loans modified in a troubled debt restructuring, payments are greater than
90
days delinquent;
|
|
•
|
For construction loans to builders, the loan is greater than
90
days delinquent or a review of the borrowers' current financial information calls into question the borrowers' ability to meet the contractual obligations of the loan;
|
|
•
|
For all classes of loans, a sheriff sale is scheduled within
60
days to sell the collateral securing the loan;
|
|
•
|
For all classes of loans, all borrowers have been discharged of their obligation through a chapter 7 bankruptcy;
|
|
•
|
For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than
30
days delinquent;
|
|
•
|
For all classes of loans, it becomes evident that a loss is probable.
|
|
Effective
Date
|
Policy
|
Residential
Non-Home
Today
|
Residential Home
Today
|
Home Equity Lines of
Credit
|
Home Equity
Loans
|
Construction
|
|
9/30/2012
|
Pursuant to an OCC directive, a loan is considered collateral dependent and any collateral shortfall is charged off when all borrowers obligated on a loan are discharged through Chapter 7 bankruptcy
|
X
|
X
|
X
|
X
|
X
|
|
6/30/2012
|
Loans in any form of bankruptcy greater than 30 days past due are considered collateral dependent and any collateral shortfall is charged off
|
X
|
X
|
X
|
X
|
X
|
|
12/31/2011
|
Pursuant to an OCC directive, impairment on collateral dependent loans previously recognized as Specific Valuation Allowances (SVAs) were charged off. Charge-offs are recorded to recognize confirmed collateral shortfalls on impaired loans. (1)
|
X
|
X
|
X
|
X
|
X
|
|
9/30/2010
|
Timing of impairment evaluation was accelerated to include equity loans greater than 90 days delinquent (2)
|
|
|
|
X
|
|
|
(1)
|
Prior to 12/31/2011, partial charge-offs were not used, but a SVA was established when the recorded investment in the loan exceeded the fair value of the collateral less costs to dispose. Individual loans were only charged off when a triggering event occurred, such as a foreclosure action was culminated, a short sale was approved, or a deed was accepted in lieu of repayment.
|
|
(2)
|
Prior to 9/30/2010, impairment evaluations on equity loans were performed when the loan was greater than
180
days delinquent.
|
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||
|
|
|
2013
|
|
2012
|
||||||||||||
|
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
90,294
|
|
|
$
|
234
|
|
|
$
|
78,371
|
|
|
$
|
260
|
|
|
Residential Home Today
|
|
33,859
|
|
|
65
|
|
|
38,288
|
|
|
362
|
|
||||
|
Home equity loans and lines of credit
|
|
25,554
|
|
|
75
|
|
|
16,422
|
|
|
43
|
|
||||
|
Construction
|
|
619
|
|
|
6
|
|
|
829
|
|
|
16
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
150,326
|
|
|
$
|
380
|
|
|
$
|
133,910
|
|
|
$
|
681
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
64,535
|
|
|
$
|
785
|
|
|
$
|
60,616
|
|
|
$
|
789
|
|
|
Residential Home Today
|
|
51,158
|
|
|
626
|
|
|
65,541
|
|
|
693
|
|
||||
|
Home equity loans and lines of credit
|
|
7,116
|
|
|
64
|
|
|
5,425
|
|
|
51
|
|
||||
|
Construction
|
|
233
|
|
|
1
|
|
|
633
|
|
|
4
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
123,042
|
|
|
$
|
1,476
|
|
|
$
|
132,215
|
|
|
$
|
1,537
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
154,829
|
|
|
$
|
1,019
|
|
|
$
|
138,987
|
|
|
$
|
1,049
|
|
|
Residential Home Today
|
|
85,017
|
|
|
691
|
|
|
103,829
|
|
|
1,055
|
|
||||
|
Home equity loans and lines of credit
|
|
32,670
|
|
|
139
|
|
|
21,847
|
|
|
94
|
|
||||
|
Construction
|
|
852
|
|
|
7
|
|
|
1,462
|
|
|
20
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
273,368
|
|
|
$
|
1,856
|
|
|
$
|
266,125
|
|
|
$
|
2,218
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
For the Nine Months Ended June 30,
|
||||||||||||||
|
|
|
2013
|
|
2012
|
||||||||||||
|
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
92,463
|
|
|
$
|
891
|
|
|
$
|
54,988
|
|
|
$
|
764
|
|
|
Residential Home Today
|
|
34,866
|
|
|
151
|
|
|
22,589
|
|
|
1,064
|
|
||||
|
Home equity loans and lines of credit
|
|
24,937
|
|
|
371
|
|
|
15,031
|
|
|
134
|
|
||||
|
Construction
|
|
829
|
|
|
14
|
|
|
1,000
|
|
|
29
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
153,095
|
|
|
$
|
1,427
|
|
|
$
|
93,608
|
|
|
$
|
1,991
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
66,722
|
|
|
$
|
2,430
|
|
|
$
|
94,197
|
|
|
$
|
2,275
|
|
|
Residential Home Today
|
|
54,503
|
|
|
1,900
|
|
|
94,949
|
|
|
1,970
|
|
||||
|
Home equity loans and lines of credit
|
|
9,823
|
|
|
202
|
|
|
16,486
|
|
|
131
|
|
||||
|
Construction
|
|
237
|
|
|
9
|
|
|
2,672
|
|
|
32
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
131,285
|
|
|
$
|
4,541
|
|
|
$
|
208,304
|
|
|
$
|
4,408
|
|
|
Total impaired loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
159,185
|
|
|
$
|
3,321
|
|
|
$
|
149,185
|
|
|
$
|
3,039
|
|
|
Residential Home Today
|
|
89,369
|
|
|
2,051
|
|
|
117,538
|
|
|
3,034
|
|
||||
|
Home equity loans and lines of credit
|
|
34,760
|
|
|
573
|
|
|
31,517
|
|
|
265
|
|
||||
|
Construction
|
|
1,066
|
|
|
23
|
|
|
3,672
|
|
|
61
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$
|
284,380
|
|
|
$
|
5,968
|
|
|
$
|
301,912
|
|
|
$
|
6,399
|
|
|
June 30, 2013
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
17,878
|
|
|
$
|
2,415
|
|
|
$
|
13,502
|
|
|
$
|
21,533
|
|
|
$
|
17,418
|
|
|
$
|
38,060
|
|
|
$
|
110,806
|
|
|
Residential Home Today
|
|
17,040
|
|
|
276
|
|
|
10,736
|
|
|
19,333
|
|
|
19,974
|
|
|
5,257
|
|
|
72,616
|
|
|||||||
|
Home equity loans and lines of credit
|
|
84
|
|
|
673
|
|
|
829
|
|
|
181
|
|
|
475
|
|
|
16,683
|
|
|
18,925
|
|
|||||||
|
Construction
|
|
—
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||||
|
Total
|
|
$
|
35,002
|
|
|
$
|
3,686
|
|
|
$
|
25,067
|
|
|
$
|
41,047
|
|
|
$
|
37,867
|
|
|
$
|
60,000
|
|
|
$
|
202,669
|
|
|
September 30, 2012
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
22,039
|
|
|
$
|
2,802
|
|
|
$
|
17,106
|
|
|
$
|
20,787
|
|
|
$
|
9,438
|
|
|
$
|
45,861
|
|
|
$
|
118,033
|
|
|
Residential Home Today
|
|
21,977
|
|
|
360
|
|
|
13,991
|
|
|
27,058
|
|
|
11,960
|
|
|
6,548
|
|
|
81,894
|
|
|||||||
|
Home equity loans and lines of credit
|
|
105
|
|
|
646
|
|
|
960
|
|
|
257
|
|
|
384
|
|
|
18,334
|
|
|
20,686
|
|
|||||||
|
Construction
|
|
—
|
|
|
634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
786
|
|
|||||||
|
Total
|
|
$
|
44,121
|
|
|
$
|
4,442
|
|
|
$
|
32,057
|
|
|
$
|
48,102
|
|
|
$
|
21,782
|
|
|
$
|
70,895
|
|
|
$
|
221,399
|
|
|
|
|
For the Three Months Ended June 30, 2013
|
||||||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,980
|
|
|
$
|
2,098
|
|
|
$
|
1,793
|
|
|
$
|
6,400
|
|
|
Residential Home Today
|
|
223
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
1,597
|
|
|
545
|
|
|
2,433
|
|
|||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
955
|
|
|||||||
|
Total
|
|
$
|
752
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,048
|
|
|
$
|
3,695
|
|
|
$
|
3,293
|
|
|
$
|
9,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
For the Nine Months Ended June 30, 2013
|
||||||||||||||||||||||||||
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
2,316
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,252
|
|
|
$
|
4,625
|
|
|
$
|
6,619
|
|
|
$
|
17,812
|
|
|
Residential Home Today
|
|
362
|
|
|
—
|
|
|
—
|
|
|
552
|
|
|
8,161
|
|
|
1,469
|
|
|
10,544
|
|
|||||||
|
Home equity loans and lines of credit
|
|
13
|
|
|
100
|
|
|
—
|
|
|
19
|
|
|
7
|
|
|
2,766
|
|
|
2,905
|
|
|||||||
|
Total
|
|
$
|
2,691
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
4,823
|
|
|
$
|
12,793
|
|
|
$
|
10,854
|
|
|
$
|
31,261
|
|
|
|
|
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, 2013
|
|
For the Nine Months Ended June 30, 2013
|
||||||||||
|
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
|
|
57
|
|
|
$
|
6,432
|
|
|
63
|
|
|
$
|
7,181
|
|
|
Residential Home Today
|
|
52
|
|
|
2,667
|
|
|
64
|
|
|
3,251
|
|
||
|
Home equity loans and lines of credit
|
|
28
|
|
|
927
|
|
|
49
|
|
|
983
|
|
||
|
Total
|
|
137
|
|
|
$
|
10,026
|
|
|
176
|
|
|
$
|
11,415
|
|
|
|
|
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
|
|
||
|
Total
|
|
37
|
|
|
$
|
3,029
|
|
|
42
|
|
|
$
|
3,580
|
|
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Loss
|
|
Total
|
||||||||||
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
7,805,015
|
|
|
$
|
—
|
|
|
$
|
99,602
|
|
|
$
|
—
|
|
|
$
|
7,904,617
|
|
|
Residential Home Today
|
|
147,592
|
|
|
—
|
|
|
35,921
|
|
|
—
|
|
|
183,513
|
|
|||||
|
Home equity loans and lines of credit
|
|
1,894,447
|
|
|
6,447
|
|
|
33,026
|
|
|
—
|
|
|
1,933,920
|
|
|||||
|
Construction
|
|
26,759
|
|
|
—
|
|
|
688
|
|
|
—
|
|
|
27,447
|
|
|||||
|
Total
|
|
$
|
9,873,813
|
|
|
$
|
6,447
|
|
|
$
|
169,237
|
|
|
$
|
—
|
|
|
$
|
10,049,497
|
|
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Loss
|
|
Total
|
||||||||||
|
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential non-Home Today
|
|
$
|
7,812,028
|
|
|
$
|
—
|
|
|
$
|
107,382
|
|
|
$
|
—
|
|
|
$
|
7,919,410
|
|
|
Residential Home Today
|
|
163,332
|
|
|
—
|
|
|
41,538
|
|
|
—
|
|
|
204,870
|
|
|||||
|
Home equity loans and lines of credit
|
|
2,118,926
|
|
|
9,868
|
|
|
35,934
|
|
|
—
|
|
|
2,164,728
|
|
|||||
|
Construction
|
|
30,850
|
|
|
—
|
|
|
983
|
|
|
—
|
|
|
31,833
|
|
|||||
|
Total
|
|
$
|
10,125,136
|
|
|
$
|
9,868
|
|
|
$
|
185,837
|
|
|
$
|
—
|
|
|
$
|
10,320,841
|
|
|
5.
|
DEPOSITS
|
|
|
|
June 30,
2013 |
|
September 30,
2012 |
||||
|
Negotiable order of withdrawal accounts
|
|
$
|
1,041,325
|
|
|
$
|
1,006,125
|
|
|
Savings accounts
|
|
1,807,660
|
|
|
1,777,295
|
|
||
|
Certificates of deposit
|
|
5,781,169
|
|
|
6,197,319
|
|
||
|
|
|
8,630,154
|
|
|
8,980,739
|
|
||
|
Accrued interest
|
|
376
|
|
|
680
|
|
||
|
Total deposits
|
|
$
|
8,630,530
|
|
|
$
|
8,981,419
|
|
|
6.
|
INCOME TAXES
|
|
7.
|
DEFINED BENEFIT PLAN
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,005
|
|
|
Interest cost
|
|
735
|
|
|
678
|
|
|
2,204
|
|
|
2,273
|
|
||||
|
Expected return on plan assets
|
|
(1,029
|
)
|
|
(945
|
)
|
|
(3,087
|
)
|
|
(2,782
|
)
|
||||
|
Amortization of net loss
|
|
138
|
|
|
57
|
|
|
416
|
|
|
515
|
|
||||
|
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||
|
Recognized net gain due to curtailment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(267
|
)
|
||||
|
Net periodic benefit (income) cost
|
|
$
|
(156
|
)
|
|
$
|
(210
|
)
|
|
$
|
(467
|
)
|
|
$
|
729
|
|
|
8.
|
EQUITY INCENTIVE PLAN
|
|
9.
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
|
Fixed-rate mortgage loans
|
$
|
360,631
|
|
|
Adjustable-rate mortgage loans
|
305,848
|
|
|
|
Equity and bridge loans
|
8,861
|
|
|
|
Total
|
$
|
675,340
|
|
|
Home equity lines of credit (excluding commitments for suspended accounts)
|
$
|
1,183,544
|
|
|
Construction loans
|
33,559
|
|
|
|
Private equity investments
|
12,941
|
|
|
|
Total
|
$
|
1,230,044
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Balance, beginning of period
|
|
$
|
2,402
|
|
|
$
|
3,778
|
|
|
$
|
3,351
|
|
|
$
|
4,023
|
|
|
Incurred increase (decrease)
|
|
268
|
|
|
(1
|
)
|
|
218
|
|
|
499
|
|
||||
|
Paid claims
|
|
(269
|
)
|
|
(347
|
)
|
|
(1,168
|
)
|
|
(1,092
|
)
|
||||
|
Balance, end of period
|
|
$
|
2,401
|
|
|
$
|
3,430
|
|
|
$
|
2,401
|
|
|
$
|
3,430
|
|
|
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, 2013
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
|
U.S. government and agency obligations
|
$
|
2,037
|
|
|
$
|
—
|
|
|
$
|
2,037
|
|
|
$
|
—
|
|
|
Freddie Mac certificates
|
960
|
|
|
—
|
|
|
960
|
|
|
—
|
|
||||
|
Ginnie Mae certificates
|
13,570
|
|
|
—
|
|
|
13,570
|
|
|
—
|
|
||||
|
REMICs
|
419,070
|
|
|
—
|
|
|
419,070
|
|
|
—
|
|
||||
|
Fannie Mae certificates
|
12,026
|
|
|
—
|
|
|
12,026
|
|
|
—
|
|
||||
|
Money market accounts
|
6,867
|
|
|
6,867
|
|
|
—
|
|
|
—
|
|
||||
|
Derivatives:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate lock commitments
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
||||
|
Total
|
$
|
454,630
|
|
|
$
|
6,867
|
|
|
$
|
447,663
|
|
|
$
|
100
|
|
|
|
|
|
Recurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
September 30, 2012
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
|
U.S. government and agency obligations
|
$
|
2,056
|
|
|
$
|
—
|
|
|
$
|
2,056
|
|
|
$
|
—
|
|
|
Freddie Mac certificates
|
989
|
|
|
—
|
|
|
989
|
|
|
—
|
|
||||
|
Ginnie Mae certificates
|
16,786
|
|
|
—
|
|
|
16,786
|
|
|
—
|
|
||||
|
REMICs
|
386,009
|
|
|
—
|
|
|
386,009
|
|
|
—
|
|
||||
|
Fannie Mae certificates
|
7,889
|
|
|
—
|
|
|
7,889
|
|
|
—
|
|
||||
|
Money market accounts
|
7,701
|
|
|
7,701
|
|
|
—
|
|
|
—
|
|
||||
|
Mortgage loans held for sale
|
3,017
|
|
|
—
|
|
|
3,017
|
|
|
—
|
|
||||
|
Derivatives:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate lock commitments
|
404
|
|
|
—
|
|
|
—
|
|
|
404
|
|
||||
|
Total
|
$
|
424,851
|
|
|
$
|
7,701
|
|
|
$
|
416,746
|
|
|
$
|
404
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Derivatives:
|
|
|
|
|
|
|
|
||||||||
|
Forward commitments for the sale of mortgage loans
|
$
|
243
|
|
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
—
|
|
|
Total
|
$
|
243
|
|
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
—
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Beginning balance
|
$
|
482
|
|
|
$
|
—
|
|
|
$
|
404
|
|
|
$
|
—
|
|
|
(Loss) gain during the period due to changes in fair value:
|
|
|
|
|
|
|
|
||||||||
|
Included in other non-interest income
|
(382
|
)
|
|
500
|
|
|
(304
|
)
|
|
500
|
|
||||
|
Ending balance
|
$
|
100
|
|
|
$
|
500
|
|
|
$
|
100
|
|
|
$
|
500
|
|
|
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date
|
$
|
100
|
|
|
$
|
500
|
|
|
$
|
100
|
|
|
$
|
500
|
|
|
|
|
|
Nonrecurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
June 30,
2013 |
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||||||
|
Impaired loans, net of allowance
|
$
|
148,179
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
148,179
|
|
|
Real estate owned
1
|
16,716
|
|
|
—
|
|
|
—
|
|
|
16,716
|
|
||||
|
Total
|
$
|
164,895
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
164,895
|
|
|
1
|
Amounts represent fair value measurements of properties before deducting estimated costs to dispose.
|
|
|
|
|
Nonrecurring Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
September 30,
2012 |
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||||||
|
Impaired loans, net of allowance
|
$
|
159,069
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
159,069
|
|
|
Real estate owned
1
|
16,131
|
|
|
—
|
|
|
—
|
|
|
16,131
|
|
||||
|
Total
|
$
|
175,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
175,200
|
|
|
1
|
Amounts represent fair value measurements of properties before deducting estimated costs to dispose.
|
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
6/30/2013
|
|
Valuation Technique(s)
|
|
Unobservable Input
|
|
Range
|
|
Average
|
||
|
Impaired loans, net of allowance
|
$148,179
|
|
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%
|
|||
|
|
|
|
|
|
|
|
|||||
|
Interest rate lock commitments
|
$100
|
|
Quoted Secondary Market pricing
|
|
Closure rate
|
|
0
|
-
|
100%
|
|
52.5%
|
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
9/30/2012
|
|
Valuation Technique(s)
|
|
Unobservable Input
|
|
Range
|
|
Average
|
||
|
Impaired loans, net of allowance
|
$159,069
|
|
Market comparables of collateral discounted to estimated net proceeds
|
|
Discount appraised value to estimated net proceeds based on historical experience:
|
|
|
|
|
|
|
|
|
|
• Residential Properties
|
|
0
|
-
|
24%
|
|
10.5%
|
|||
|
|
|
|
|
|
|
|
|||||
|
Interest rate lock commitments
|
$404
|
|
Quoted Secondary Market pricing
|
|
Closure rate
|
|
0
|
-
|
100%
|
|
56.0%
|
|
|
June 30, 2013
|
||||||||||||||||||
|
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and due from banks
|
$
|
34,401
|
|
|
$
|
34,401
|
|
|
$
|
34,401
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other interest bearing cash equivalents
|
262,578
|
|
|
262,578
|
|
|
262,578
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for sale
|
454,530
|
|
|
454,530
|
|
|
6,867
|
|
|
447,663
|
|
|
—
|
|
|||||
|
Mortgage loans held for sale
|
4,376
|
|
|
4,438
|
|
|
—
|
|
|
4,438
|
|
|
|
||||||
|
Loans, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage loans held for investment
|
9,952,973
|
|
|
10,127,626
|
|
|
—
|
|
|
—
|
|
|
10,127,626
|
|
|||||
|
Other loans
|
4,276
|
|
|
4,455
|
|
|
—
|
|
|
—
|
|
|
4,455
|
|
|||||
|
Federal Home Loan Bank stock
|
35,620
|
|
|
35,620
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|||||
|
Private equity investments
|
691
|
|
|
691
|
|
|
—
|
|
|
—
|
|
|
691
|
|
|||||
|
Accrued interest receivable
|
31,576
|
|
|
31,576
|
|
|
—
|
|
|
31,576
|
|
|
—
|
|
|||||
|
Derivatives
|
100
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW and passbook accounts
|
$
|
2,848,985
|
|
|
$
|
2,848,985
|
|
|
$
|
—
|
|
|
$
|
2,848,985
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
5,781,545
|
|
|
5,732,367
|
|
|
—
|
|
|
5,732,367
|
|
|
—
|
|
|||||
|
Borrowed funds
|
475,062
|
|
|
472,045
|
|
|
—
|
|
|
472,045
|
|
|
—
|
|
|||||
|
Borrowers’ advances for taxes and insurance
|
47,527
|
|
|
47,527
|
|
|
—
|
|
|
47,527
|
|
|
—
|
|
|||||
|
Principal, interest and escrow owed on loans serviced
|
78,940
|
|
|
78,940
|
|
|
—
|
|
|
78,940
|
|
|
—
|
|
|||||
|
|
September 30, 2012
|
||||||||||||||||||
|
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
|
Amount
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and due from banks
|
$
|
38,914
|
|
|
$
|
38,914
|
|
|
$
|
38,914
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other interest bearing cash equivalents
|
269,348
|
|
|
269,348
|
|
|
269,348
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for sale
|
421,430
|
|
|
421,430
|
|
|
7,701
|
|
|
413,729
|
|
|
—
|
|
|||||
|
Mortgage loans held for sale
|
124,528
|
|
|
129,358
|
|
|
—
|
|
|
129,358
|
|
|
|
||||||
|
Loans, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage loans held for investment
|
10,220,377
|
|
|
10,630,220
|
|
|
—
|
|
|
—
|
|
|
10,630,220
|
|
|||||
|
Other loans
|
4,612
|
|
|
4,957
|
|
|
—
|
|
|
—
|
|
|
4,957
|
|
|||||
|
Federal Home Loan Bank stock
|
35,620
|
|
|
35,620
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|||||
|
Private equity investments
|
944
|
|
|
944
|
|
|
—
|
|
|
—
|
|
|
944
|
|
|||||
|
Accrued interest receivable
|
34,887
|
|
|
34,887
|
|
|
—
|
|
|
34,887
|
|
|
—
|
|
|||||
|
Derivatives
|
404
|
|
|
404
|
|
|
—
|
|
|
—
|
|
|
404
|
|
|||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW and passbook accounts
|
$
|
2,783,420
|
|
|
$
|
2,783,420
|
|
|
$
|
—
|
|
|
$
|
2,783,420
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
6,197,999
|
|
|
6,353,376
|
|
|
—
|
|
|
6,353,376
|
|
|
—
|
|
|||||
|
Borrowed funds
|
488,191
|
|
|
490,880
|
|
|
—
|
|
|
490,880
|
|
|
—
|
|
|||||
|
Borrowers’ advances for taxes and insurance
|
67,864
|
|
|
67,864
|
|
|
—
|
|
|
67,864
|
|
|
—
|
|
|||||
|
Principal, interest and escrow owed on loans serviced
|
127,539
|
|
|
127,539
|
|
|
—
|
|
|
127,539
|
|
|
—
|
|
|||||
|
Derivatives
|
243
|
|
|
243
|
|
|
—
|
|
|
243
|
|
|
—
|
|
|||||
|
11.
|
DERIVATIVE INSTRUMENTS
|
|
|
|
|
Asset Derivatives
|
||||||||||
|
|
|
|
June 30, 2013
|
|
September 30, 2012
|
||||||||
|
|
|
|
Location
|
|
Fair Value
|
|
Location
|
|
Fair Value
|
||||
|
Interest rate lock commitments
|
|
|
Other Assets
|
|
$
|
100
|
|
|
Other Assets
|
|
$
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Liability Derivatives
|
||||||||||
|
|
|
|
June 30, 2013
|
|
September 30, 2012
|
||||||||
|
|
|
|
Location
|
|
Fair Value
|
|
Location
|
|
Fair Value
|
||||
|
Forward commitments for the sale of mortgage loans
|
|
|
Other Liabilities
|
|
$
|
—
|
|
|
Other Liabilities
|
|
$
|
243
|
|
|
|
|
|
Amount of Gain or (Loss) Recognized in Income
on Derivatives
|
||||||||||||||
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
Location of Gain or (Loss)
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
Recognized in Income
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
Interest rate lock commitments
|
Other non-interest income
|
|
$
|
(382
|
)
|
|
$
|
500
|
|
|
$
|
(304
|
)
|
|
$
|
500
|
|
|
Forward commitments for the sale of mortgage loans
|
Net gain on the sale of loans
|
|
—
|
|
|
—
|
|
|
243
|
|
|
—
|
|
||||
|
Total
|
|
|
$
|
(382
|
)
|
|
$
|
500
|
|
|
$
|
(61
|
)
|
|
$
|
500
|
|
|
12.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
|
•
|
statements of our goals, intentions and expectations;
|
|
•
|
statements regarding our business plans and prospects and growth and operating strategies;
|
|
•
|
statements concerning trends in our provision for loan losses and charge-offs;
|
|
•
|
statements regarding the asset quality of our loan and investment portfolios; and
|
|
•
|
estimates of our risks and future costs and benefits.
|
|
•
|
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, real estate values 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 and changes in the level of government support of housing finance;
|
|
•
|
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 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 continue to 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 continuing 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 its impact on the credit quality of our loans and other assets;
|
|
•
|
the ability of the U.S. Federal government to manage federal debt limits; and
|
|
•
|
the uncertainty regarding the timing and probability of the termination of the current restrictions imposed pursuant to a February 7, 2011 Memorandum of Understanding, now administered by the Federal Reserve Bank, with respect to our ability to repurchase stock and pay dividends.
|
|
|
June 30,
2013 |
|
September 30,
2012 |
||||
|
|
(Dollars in thousands)
|
||||||
|
Loans held for sale:
|
|
|
|
||||
|
Held for sales to private investors
|
$
|
—
|
|
|
$
|
114,678
|
|
|
Held for sales to Fannie Mae
|
4,376
|
|
|
9,850
|
|
||
|
Total
|
$
|
4,376
|
|
|
$
|
124,528
|
|
|
•
|
lower combined loan to value ("CLTV") maximum ratios (80% in Ohio/Kentucky and 70% in Florida; for programs in place prior to 2012 the CLTV extended to as high as 89.99%);
|
|
•
|
limited geographic offering (only Ohio, Kentucky and Florida; programs in place prior to 2012 were offered nationwide);
|
|
•
|
borrower income is fully verified (in prior programs income was not always fully verified);
|
|
•
|
beginning in February 2013, borrowers are qualified using a principal and interest payment based on the interest rate offered to the borrower, plus 2.00%, amortized over 30 years; for applications taken between March 2012 and February 2013, borrowers were qualified using a principal and interest payment based on the interest rate offered to the borrower plus 2.00%, amortized over 20 years (for programs in place prior to 2012, borrowers were qualified using only the interest rate offered to the borrower);
|
|
•
|
the minimum credit score to qualify for the re-introduced home equity line of credit is 700 in Ohio and Kentucky and 720 in Florida (our prior home equity line of credit offering in 2010 required a minimum credit score of 680 in all markets); and
|
|
•
|
beginning in February 2013, the term for new home equity line of credit applications is a five year draw period, during which monthly principal and interest payments are made based on the portion of the original term of 30 years that remains, followed by a 25 year repayment only period, during which payments will be comprised of both principal and interest; for applications taken between March 2012 and February 2013, the term for new home equity line of credit applications was a five year draw period during which interest only payments are made, followed by a 20 year repayment period, during which payments are comprised of both principal and interest (for programs in place prior to 2012, terms generally offered a 10 year draw period, with interest only payments, followed by a 10 year repayment period, with payment of 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") and
|
|
(2)
|
general valuation allowances (GVAs), which are comprised of quantitative general allowances for loan losses for each loan type based on historical loan loss experience (“quantitative general valuation allowances” or “quantitative GVAs”); and qualitative general allowances, previously described as a market valuation adjustment, which are an adjustment to historical loss experience (quantitative general valuation allowances), maintained to cover uncertainties that affect our estimate of incurred probable losses for each loan type (“qualitative general valuation allowances” or “qualitative GVAs", previously referred to as “market valuation allowances” or “MVAs”).
|
|
•
|
changes in lending policies and procedures including underwriting standards, collection, charge-off or recovery practices
|
|
•
|
changes in national, regional, and local economic and business conditions and trends including national, regional and local housing market factors and trends, such as the status of loans in foreclosure, real estate in judgment and real estate owned, and unemployment statistics and trends;
|
|
•
|
changes in the nature and volume of the portfolios including equity lines of credit nearing the end of the draw period;
|
|
•
|
changes in the experience, ability or depth of lending management;
|
|
•
|
changes in the volume or severity of past due loans, volume of nonaccrual loans, or the volume and severity of adversely classified loans including the trending of delinquency statistics (both current and historical), historical loan loss experience and trends, the frequency and magnitude of re-modifications of loans previously the subject of troubled debt restructurings, and uncertainty surrounding borrowers’ ability to recover from temporary hardships for which short-term loan modifications are granted;
|
|
•
|
changes in the quality of the loan review system;
|
|
•
|
changes in the value of the underlying collateral including asset disposition loss statistics (both current and historical) and the trending of those statistics, and additional charge-offs on individually reviewed loans;
|
|
•
|
existence of any concentrations of credit;
|
|
•
|
effect of other external factors such as competition, or legal and regulatory requirements including market conditions and regulatory directives that impact the entire financial services industry.
|
|
|
June 30, 2013
|
|
March 31, 2013
|
|
September 30, 2012
|
|
June 30, 2012
|
||||||||||||||||||||
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
$
|
5,900,492
|
|
|
|
|
$
|
5,878,226
|
|
|
|
|
$
|
6,088,264
|
|
|
|
|
$
|
5,979,015
|
|
|
|
||||
|
Florida
|
1,423,204
|
|
|
|
|
1,370,364
|
|
|
|
|
1,396,612
|
|
|
|
|
1,382,702
|
|
|
|
||||||||
|
Other
|
600,514
|
|
|
|
|
494,892
|
|
|
|
|
458,289
|
|
|
|
|
385,824
|
|
|
|
||||||||
|
Total Residential non-Home Today
|
7,924,210
|
|
|
78.5
|
%
|
|
7,743,482
|
|
|
77.6
|
%
|
|
7,943,165
|
|
|
76.5
|
%
|
|
7,747,541
|
|
|
75.3
|
%
|
||||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
178,238
|
|
|
|
|
184,613
|
|
|
|
|
199,456
|
|
|
|
|
212,287
|
|
|
|
||||||||
|
Florida
|
7,982
|
|
|
|
|
8,215
|
|
|
|
|
8,540
|
|
|
|
|
8,805
|
|
|
|
||||||||
|
Other
|
323
|
|
|
|
|
326
|
|
|
|
|
329
|
|
|
|
|
331
|
|
|
|
||||||||
|
Total Residential Home Today
|
186,543
|
|
|
1.8
|
|
|
193,154
|
|
|
1.9
|
|
|
208,325
|
|
|
2.0
|
|
|
221,423
|
|
|
2.2
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Ohio
|
743,628
|
|
|
|
|
773,104
|
|
|
|
|
838,492
|
|
|
|
|
871,047
|
|
|
|
||||||||
|
Florida
|
562,441
|
|
|
|
|
585,951
|
|
|
|
|
628,554
|
|
|
|
|
648,441
|
|
|
|
||||||||
|
California
|
235,191
|
|
|
|
|
242,514
|
|
|
|
|
256,900
|
|
|
|
|
270,128
|
|
|
|
||||||||
|
Other
|
385,223
|
|
|
|
|
400,251
|
|
|
|
|
431,550
|
|
|
|
|
449,398
|
|
|
|
||||||||
|
Total Home equity loans and lines of credit
|
1,926,483
|
|
|
19.1
|
|
|
2,001,820
|
|
|
20.0
|
|
|
2,155,496
|
|
|
20.8
|
|
|
2,239,014
|
|
|
21.8
|
|
||||
|
Total Construction
|
60,630
|
|
|
0.6
|
|
|
54,728
|
|
|
0.5
|
|
|
69,152
|
|
|
0.7
|
|
|
66,262
|
|
|
0.6
|
|
||||
|
Consumer and other loans
|
4,276
|
|
|
—
|
|
|
4,276
|
|
|
—
|
|
|
4,612
|
|
|
—
|
|
|
4,908
|
|
|
0.1
|
|
||||
|
Total loans receivable
|
10,102,142
|
|
|
100.0
|
%
|
|
9,997,460
|
|
|
100.0
|
%
|
|
10,380,750
|
|
|
100.0
|
%
|
|
10,279,148
|
|
|
100.0
|
%
|
||||
|
Deferred loan fees, net
|
(14,810
|
)
|
|
|
|
(17,241
|
)
|
|
|
|
(18,561
|
)
|
|
|
|
(17,634
|
)
|
|
|
||||||||
|
Loans in process
|
(33,559
|
)
|
|
|
|
(27,748
|
)
|
|
|
|
(36,736
|
)
|
|
|
|
(33,823
|
)
|
|
|
||||||||
|
Allowance for loan losses
|
(96,524
|
)
|
|
|
|
(101,217
|
)
|
|
|
|
(100,464
|
)
|
|
|
|
(107,374
|
)
|
|
|
||||||||
|
Total loans receivable, net
|
$
|
9,957,249
|
|
|
|
|
$
|
9,851,254
|
|
|
|
|
$
|
10,224,989
|
|
|
|
|
$
|
10,120,317
|
|
|
|
||||
|
(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, 2013
|
|
March 31, 2013
|
||||||||||||||||
|
|
|
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
|
|
$
|
33,319
|
|
|
34.5
|
%
|
|
78.5
|
%
|
|
$
|
34,172
|
|
|
33.8
|
%
|
|
77.6
|
%
|
|
Residential Home Today
|
|
26,646
|
|
|
27.6
|
|
|
1.8
|
|
|
27,743
|
|
|
27.4
|
|
|
1.9
|
|
||
|
Home equity loans and lines of credit (1)
|
|
36,385
|
|
|
37.7
|
|
|
19.1
|
|
|
38,968
|
|
|
38.5
|
|
|
20.0
|
|
||
|
Construction
|
|
174
|
|
|
0.2
|
|
|
0.6
|
|
|
334
|
|
|
0.3
|
|
|
0.5
|
|
||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total allowance
|
|
$
|
96,524
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
101,217
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
September 30, 2012
|
|
June 30, 2012
|
||||||||||||||||
|
|
|
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)
|
|
(Dollars in thousands)
|
||||||||||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
31,618
|
|
|
31.5
|
%
|
|
76.5
|
%
|
|
$
|
34,063
|
|
|
31.7
|
%
|
|
75.3
|
%
|
|
Residential Home Today
|
|
22,588
|
|
|
22.5
|
|
|
2.0
|
|
|
22,618
|
|
|
21.1
|
|
|
2.2
|
|
||
|
Home equity loans and lines of credit (1)
|
|
45,508
|
|
|
45.3
|
|
|
20.8
|
|
|
49,947
|
|
|
46.5
|
|
|
21.8
|
|
||
|
Construction
|
|
750
|
|
|
0.7
|
|
|
0.7
|
|
|
746
|
|
|
0.7
|
|
|
0.6
|
|
||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||
|
Total allowance
|
|
$
|
100,464
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
107,374
|
|
|
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).
|
|
•
|
Residential non-Home Today
– The total balance of this segment of the loan portfolio
increased
2.4%
or
$182.7 million
while the total allowance for loan losses for this segment
decreased
2.5%
or
$0.9 million
. The portion of this loan segment’s allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated),
decreased
$0.9 million
, or
3.5%
, from
$26.7 million
at
March 31, 2013
to
$25.8 million
at
June 30, 2013
. 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,
decreased
to
0.33%
for
June 30, 2013
from
0.35%
at
March 31, 2013
. Total delinquencies
decreased
5.0%
to
$81.3 million
at
June 30, 2013
from
$85.5 million
at
March 31, 2013
. Loans 90 or more days delinquent
decreased
7.8%
to
$63.2 million
at
June 30, 2013
from
$68.5 million
at
March 31, 2013
. The credit profile of this portfolio segment improved in total during the quarter due to the addition of high
|
|
•
|
Residential Home Today
– The total balance of this segment of the loan portfolio
decreased
3.4%
or
$6.5 million
as new originations have effectively stopped since the imposition of more restrictive lending requirements in 2009. The total allowance for loan losses for this segment
decreased
$1.1 million
or
4.0%
. The portion of this loan segment’s allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated),
decreased
by
5.8%
from
$19.2 million
at
March 31, 2013
to
$18.1 million
at
June 30, 2013
. Similarly, the ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively,
decreased
0.5%
to
18.1%
at
June 30, 2013
from
18.6%
at
March 31, 2013
. Total delinquencies
decreased
from
$33.7 million
at
March 31, 2013
to
$32.6 million
at
June 30, 2013
. Delinquencies greater than 90 days
decreased
from
$23.3 million
to
$20.2 million
during the same period. The credit profile of this portfolio segment in total improved during the quarter and net charge-offs were
less
at
$1.9 million
during the quarter ended
June 30, 2013
from
$3.8 million
during the quarter ended
March 31, 2013
. As there continues to be a consistent improving trend in this portfolio, reductions in the allowance are warranted.
|
|
•
|
Home Equity Loans and Lines of Credit
- The total balance of this segment of the loan portfolio
decreased
3.8%
or
$75.8 million
from
$2.01 billion
at
March 31, 2013
to
$1.93 billion
at
June 30, 2013
. The total allowance for loan losses for this segment
decreased
6.6%
to
$36.4 million
from
$39.0 million
at
March 31, 2013
. The portion of this loan segment's allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated)
decreased
by
$2.2 million
, or
5.8%
, from
$37.4 million
to
$35.2 million
during the quarter ended
June 30, 2013
. The ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively also
decreased
to
1.85%
at
June 30, 2013
from
1.89%
at
March 31, 2013
. Continual improvement in the credit profile of this loan segment over more than a year warrants the decrease in reserves. Net charge-offs for this loan segment during the current quarter were
less
at
$4.0 million
as compared to
$5.2 million
at
March 31, 2013
. Total delinquencies for this portfolio segment
decreased
13.7%
to
$22.0 million
at
June 30, 2013
as compared to
$25.4 million
at
March 31, 2013
. Delinquencies greater than 90 days
decreased
11.3%
to
$13.1 million
at
June 30, 2013
from
$14.8 million
at
March 31, 2013
. As there continues to be a consistent improving trend in this portfolio, reductions in the allowance are warranted.
|
|
|
As of and For the Three Months Ended June 30,
|
|
As of and For the Nine Months Ended June 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
|
Allowance balance (beginning of the period)
|
$
|
101,217
|
|
|
$
|
101,296
|
|
|
$
|
100,464
|
|
|
$
|
156,978
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
2,702
|
|
|
4,607
|
|
|
8,849
|
|
|
18,271
|
|
||||
|
Florida
|
1,557
|
|
|
4,686
|
|
|
5,299
|
|
|
26,077
|
|
||||
|
Other
|
45
|
|
|
108
|
|
|
55
|
|
|
217
|
|
||||
|
Total Residential non-Home Today
|
4,304
|
|
|
9,401
|
|
|
14,203
|
|
|
44,565
|
|
||||
|
Residential Home Today
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
2,204
|
|
|
4,938
|
|
|
9,337
|
|
|
33,205
|
|
||||
|
Florida
|
128
|
|
|
250
|
|
|
368
|
|
|
1,691
|
|
||||
|
Total Residential Home Today
|
2,332
|
|
|
5,188
|
|
|
9,705
|
|
|
34,896
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
1,073
|
|
|
1,971
|
|
|
3,299
|
|
|
8,190
|
|
||||
|
Florida
|
3,996
|
|
|
6,082
|
|
|
11,443
|
|
|
23,056
|
|
||||
|
California
|
405
|
|
|
527
|
|
|
2,355
|
|
|
2,828
|
|
||||
|
Other
|
345
|
|
|
2,614
|
|
|
1,700
|
|
|
10,693
|
|
||||
|
Total Home equity loans and lines of credit
|
5,819
|
|
|
11,194
|
|
|
18,797
|
|
|
44,767
|
|
||||
|
Construction
|
68
|
|
|
76
|
|
|
121
|
|
|
1,268
|
|
||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total charge-offs
|
12,523
|
|
|
25,859
|
|
|
42,826
|
|
|
125,496
|
|
||||
|
Recoveries:
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
609
|
|
|
265
|
|
|
1,201
|
|
|
607
|
|
||||
|
Residential Home Today
|
444
|
|
|
10
|
|
|
596
|
|
|
94
|
|
||||
|
Home equity loans and lines of credit (1)
|
1,774
|
|
|
662
|
|
|
4,026
|
|
|
2,188
|
|
||||
|
Construction
|
3
|
|
|
—
|
|
|
63
|
|
|
3
|
|
||||
|
Consumer and other loans
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
||||
|
Total recoveries
|
2,830
|
|
|
937
|
|
|
5,886
|
|
|
2,892
|
|
||||
|
Net charge-offs
|
(9,693
|
)
|
|
(24,922
|
)
|
|
(36,940
|
)
|
|
(122,604
|
)
|
||||
|
Provision for loan losses
|
5,000
|
|
|
31,000
|
|
|
33,000
|
|
|
73,000
|
|
||||
|
Allowance balance (end of the period)
|
$
|
96,524
|
|
|
$
|
107,374
|
|
|
$
|
96,524
|
|
|
$
|
107,374
|
|
|
Ratios:
|
|
|
|
|
|
|
|
||||||||
|
Net charge-offs (annualized) to average loans outstanding
|
0.38
|
%
|
|
0.96
|
%
|
|
0.48
|
%
|
|
1.60
|
%
|
||||
|
Allowance for loan losses to non-performing loans at end of the period
|
99.77
|
%
|
|
83.60
|
%
|
|
99.77
|
%
|
|
83.60
|
%
|
||||
|
Allowance for loan losses to the total recorded investment in loans at end of the period
|
0.96
|
%
|
|
1.05
|
%
|
|
0.96
|
%
|
|
1.05
|
%
|
||||
|
(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, 2013
|
June 30, 2012
|
|||||||||||||
|
|
|
Total
|
|
Other
|
|
SVA (1)
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
||||||||||||||
|
Charge-offs:
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
$
|
8,849
|
|
|
$
|
12,002
|
|
|
$
|
6,269
|
|
|
$
|
18,271
|
|
|
Florida
|
|
5,299
|
|
|
9,854
|
|
|
16,223
|
|
|
26,077
|
|
||||
|
Other
|
|
55
|
|
|
217
|
|
|
—
|
|
|
217
|
|
||||
|
Total
|
|
14,203
|
|
|
22,073
|
|
|
22,492
|
|
|
44,565
|
|
||||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
9,337
|
|
|
16,163
|
|
|
17,042
|
|
|
33,205
|
|
||||
|
Florida
|
|
368
|
|
|
520
|
|
|
1,171
|
|
|
1,691
|
|
||||
|
Total
|
|
9,705
|
|
|
16,683
|
|
|
18,213
|
|
|
34,896
|
|
||||
|
Home equity loans and lines of credit (2)
|
|
|
|
|
|
|
|
|
||||||||
|
Ohio
|
|
3,299
|
|
|
5,061
|
|
|
3,129
|
|
|
8,190
|
|
||||
|
Florida
|
|
11,443
|
|
|
15,717
|
|
|
7,339
|
|
|
23,056
|
|
||||
|
California
|
|
2,355
|
|
|
1,813
|
|
|
1,015
|
|
|
2,828
|
|
||||
|
Other
|
|
1,700
|
|
|
8,489
|
|
|
2,204
|
|
|
10,693
|
|
||||
|
Total
|
|
18,797
|
|
|
31,080
|
|
|
13,687
|
|
|
44,767
|
|
||||
|
Construction
|
|
121
|
|
|
153
|
|
|
1,115
|
|
|
1,268
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total charge-offs
|
|
42,826
|
|
|
69,989
|
|
|
55,507
|
|
|
125,496
|
|
||||
|
Recoveries
|
|
(5,886
|
)
|
|
(2,892
|
)
|
|
—
|
|
|
(2,892
|
)
|
||||
|
Net charge-offs
|
|
$
|
36,940
|
|
|
$
|
67,097
|
|
|
$
|
55,507
|
|
|
$
|
122,604
|
|
|
(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, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
143
|
|
|
$
|
14,872
|
|
|
367
|
|
|
$
|
34,930
|
|
|
510
|
|
|
$
|
49,802
|
|
|
Florida
|
|
20
|
|
|
3,019
|
|
|
226
|
|
|
27,703
|
|
|
246
|
|
|
30,722
|
|
|||
|
Kentucky
|
|
1
|
|
|
164
|
|
|
3
|
|
|
583
|
|
|
4
|
|
|
747
|
|
|||
|
Total Residential non-Home Today
|
|
164
|
|
|
18,055
|
|
|
596
|
|
|
63,216
|
|
|
760
|
|
|
81,271
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
176
|
|
|
11,937
|
|
|
410
|
|
|
19,538
|
|
|
586
|
|
|
31,475
|
|
|||
|
Florida
|
|
7
|
|
|
430
|
|
|
17
|
|
|
684
|
|
|
24
|
|
|
1,114
|
|
|||
|
Total Residential Home Today
|
|
183
|
|
|
12,367
|
|
|
427
|
|
|
20,222
|
|
|
610
|
|
|
32,589
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
138
|
|
|
4,262
|
|
|
157
|
|
|
4,807
|
|
|
295
|
|
|
9,069
|
|
|||
|
Florida
|
|
45
|
|
|
2,093
|
|
|
87
|
|
|
4,815
|
|
|
132
|
|
|
6,908
|
|
|||
|
California
|
|
7
|
|
|
809
|
|
|
17
|
|
|
1,314
|
|
|
24
|
|
|
2,123
|
|
|||
|
Other
|
|
44
|
|
|
1,686
|
|
|
172
|
|
|
2,171
|
|
|
216
|
|
|
3,857
|
|
|||
|
Total Home equity loans and lines of credit
|
|
234
|
|
|
8,850
|
|
|
433
|
|
|
13,107
|
|
|
667
|
|
|
21,957
|
|
|||
|
Construction
|
|
2
|
|
|
143
|
|
|
3
|
|
|
198
|
|
|
5
|
|
|
341
|
|
|||
|
Consumer loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
583
|
|
|
$
|
39,415
|
|
|
1,459
|
|
|
$
|
96,743
|
|
|
2,042
|
|
|
$
|
136,158
|
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
130
|
|
|
$
|
12,168
|
|
|
397
|
|
|
$
|
40,999
|
|
|
527
|
|
|
$
|
53,167
|
|
|
Florida
|
|
24
|
|
|
4,014
|
|
|
225
|
|
|
26,965
|
|
|
249
|
|
|
30,979
|
|
|||
|
Other
|
|
3
|
|
|
823
|
|
|
3
|
|
|
575
|
|
|
6
|
|
|
1,398
|
|
|||
|
Total Residential non-Home Today
|
|
157
|
|
|
17,005
|
|
|
625
|
|
|
68,539
|
|
|
782
|
|
|
85,544
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
151
|
|
|
10,376
|
|
|
452
|
|
|
22,271
|
|
|
603
|
|
|
32,647
|
|
|||
|
Florida
|
|
1
|
|
|
82
|
|
|
21
|
|
|
980
|
|
|
22
|
|
|
1,062
|
|
|||
|
Total Residential Home Today
|
|
152
|
|
|
10,458
|
|
|
473
|
|
|
23,251
|
|
|
625
|
|
|
33,709
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
119
|
|
|
3,790
|
|
|
158
|
|
|
5,121
|
|
|
277
|
|
|
8,911
|
|
|||
|
Florida
|
|
62
|
|
|
4,560
|
|
|
90
|
|
|
5,433
|
|
|
152
|
|
|
9,993
|
|
|||
|
California
|
|
6
|
|
|
486
|
|
|
18
|
|
|
1,347
|
|
|
24
|
|
|
1,833
|
|
|||
|
Other
|
|
56
|
|
|
1,833
|
|
|
119
|
|
|
2,877
|
|
|
175
|
|
|
4,710
|
|
|||
|
Total Home equity loans and lines of credit
|
|
243
|
|
|
10,669
|
|
|
385
|
|
|
14,778
|
|
|
628
|
|
|
25,447
|
|
|||
|
Construction
|
|
—
|
|
|
—
|
|
|
4
|
|
|
220
|
|
|
4
|
|
|
220
|
|
|||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
552
|
|
|
$
|
38,132
|
|
|
1,487
|
|
|
$
|
106,788
|
|
|
2,039
|
|
|
$
|
144,920
|
|
|
|
|
Loans Delinquent for
|
|
Total
|
|||||||||||||||||
|
|
|
30-89 Days
|
|
90 Days or More
|
|
||||||||||||||||
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|||||||||
|
|
|
(Dollars in thousands)
|
|||||||||||||||||||
|
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential non-Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
181
|
|
|
$
|
19,301
|
|
|
436
|
|
|
$
|
43,871
|
|
|
617
|
|
|
$
|
63,172
|
|
|
Florida
|
|
32
|
|
|
5,974
|
|
|
258
|
|
|
30,873
|
|
|
290
|
|
|
36,847
|
|
|||
|
Other
|
|
2
|
|
|
401
|
|
|
1
|
|
|
63
|
|
|
3
|
|
|
464
|
|
|||
|
Total Residential non-Home Today
|
|
215
|
|
|
25,676
|
|
|
695
|
|
|
74,807
|
|
|
910
|
|
|
100,483
|
|
|||
|
Residential Home Today
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
208
|
|
|
15,068
|
|
|
519
|
|
|
26,604
|
|
|
727
|
|
|
41,672
|
|
|||
|
Florida
|
|
7
|
|
|
542
|
|
|
21
|
|
|
913
|
|
|
28
|
|
|
1,455
|
|
|||
|
Total Residential Home Today
|
|
215
|
|
|
15,610
|
|
|
540
|
|
|
27,517
|
|
|
755
|
|
|
43,127
|
|
|||
|
Home equity loans and lines of credit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ohio
|
|
133
|
|
|
4,572
|
|
|
145
|
|
|
5,994
|
|
|
278
|
|
|
10,566
|
|
|||
|
Florida
|
|
58
|
|
|
3,657
|
|
|
94
|
|
|
6,210
|
|
|
152
|
|
|
9,867
|
|
|||
|
California
|
|
16
|
|
|
1,637
|
|
|
20
|
|
|
1,863
|
|
|
36
|
|
|
3,500
|
|
|||
|
Other
|
|
27
|
|
|
2,020
|
|
|
43
|
|
|
2,520
|
|
|
70
|
|
|
4,540
|
|
|||
|
Total Home equity loans and lines of credit
|
|
234
|
|
|
11,886
|
|
|
302
|
|
|
16,587
|
|
|
536
|
|
|
28,473
|
|
|||
|
Construction
|
|
—
|
|
|
—
|
|
|
8
|
|
|
377
|
|
|
8
|
|
|
377
|
|
|||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
664
|
|
|
$
|
53,172
|
|
|
1,545
|
|
|
$
|
119,288
|
|
|
2,209
|
|
|
$
|
172,460
|
|
|
|
|
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 and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
618
|
|
|
$
|
48,109
|
|
|
1,597
|
|
|
$
|
128,438
|
|
|
2,215
|
|
|
$
|
176,547
|
|
|
(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,
2013 |
|
March 31,
2013 |
|
September 30,
2012 |
|
June 30,
2012 |
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||
|
Non-accrual loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
94,252
|
|
|
$
|
98,268
|
|
|
$
|
105,780
|
|
|
$
|
88,091
|
|
|
Residential Home Today
|
|
34,923
|
|
|
37,125
|
|
|
41,087
|
|
|
40,276
|
|
||||
|
Home equity loans and lines of credit (1)(3)
|
|
29,559
|
|
|
30,386
|
|
|
35,316
|
|
|
25,255
|
|
||||
|
Construction
|
|
198
|
|
|
220
|
|
|
377
|
|
|
381
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total non-accrual loans (2)(4)(5)
|
|
158,932
|
|
|
165,999
|
|
|
182,560
|
|
|
154,003
|
|
||||
|
Real estate owned
|
|
20,354
|
|
|
19,868
|
|
|
19,647
|
|
|
19,692
|
|
||||
|
Other non-performing assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total non-performing assets
|
|
$
|
179,286
|
|
|
$
|
185,867
|
|
|
$
|
202,207
|
|
|
$
|
173,695
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
||||||||
|
Total non-accrual loans to total loans
|
|
1.58
|
%
|
|
1.67
|
%
|
|
1.77
|
%
|
|
1.51
|
%
|
||||
|
Total non-accrual loans to total assets
|
|
1.43
|
%
|
|
1.49
|
%
|
|
1.58
|
%
|
|
1.34
|
%
|
||||
|
Total non-performing assets to total assets
|
|
1.61
|
%
|
|
1.67
|
%
|
|
1.76
|
%
|
|
1.51
|
%
|
||||
|
Troubled debt restructurings: (not included in non-accrual loans above)
|
|
|
|
|
|
|
|
|
||||||||
|
Real estate loans:
|
|
|
|
|
|
|
|
|
||||||||
|
Residential non-Home Today
|
|
$
|
64,670
|
|
|
$
|
65,805
|
|
|
$
|
66,988
|
|
|
$
|
57,879
|
|
|
Residential Home Today
|
|
49,782
|
|
|
51,916
|
|
|
57,168
|
|
|
61,569
|
|
||||
|
Home equity loans and lines of credit (1)
|
|
6,452
|
|
|
6,348
|
|
|
9,761
|
|
|
2,244
|
|
||||
|
Construction
|
|
322
|
|
|
601
|
|
|
613
|
|
|
640
|
|
||||
|
Consumer and other loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total (6)
|
|
$
|
121,226
|
|
|
$
|
124,670
|
|
|
$
|
134,530
|
|
|
$
|
122,332
|
|
|
(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)
|
Totals at
June 30, 2013
,
March 31, 2013
,
September 30, 2012
and
June 30, 2012
, include $
47.9 million
,
$47.0 million
, $
47.7 million
and
$12.1 million
, respectively, in troubled debt restructurings, which are less than 90 days past due 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, because they have been partially charged off, or because all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy (see note 5 below).
|
|
(3)
|
The totals at
June 30, 2013
,
March 31, 2013
,
September 30, 2012
and
June 30, 2012
include $
5.3 million
, $
4.9 million
,
$8.8 million
, and
$8.9 million
, respectively, of performing home equity lines of credit included in nonaccrual, pursuant to regulatory guidance regarding senior lien delinquency issued in January 2012.
|
|
(4)
|
Includes $
33.5 million
,
$35.7 million
, $
39.1 million
and
$20.1 million
in troubled debt restructurings that are 90 days or more past due at
June 30, 2013
,
March 31, 2013
,
September 30, 2012
and
June 30, 2012
, respectively.
|
|
(5)
|
At
June 30, 2013
,
March 31, 2013
and
September 30, 2012
, the recorded investment of troubled debt restructurings in non-accrual status includes
$30.4 million
,
$30.9 million
and
$30.6 million
of performing loans in Chapter 7 bankruptcy status where all borrowers have been discharged of their obligation per the OCC Bank Accounting Advisory Series ("BAAS") interpretive guidance issued in July 2012.
|
|
(6)
|
At
June 30, 2013
,
March 31, 2013
and
September 30, 2012
,
$15.0 million
,
$15.1 million
and
$20.5 million
of accruing, performing loans in Chapter 7 bankruptcy status, where at least one borrower has been discharged of their obligation, are reported as troubled debt restructurings per the OCC BAAS interpretive guidance issued in July 2012.
|
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
|
|
(In thousands)
|
||||||||||||||||||||||||||
|
Accrual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
14,118
|
|
|
$
|
1,489
|
|
|
$
|
10,871
|
|
|
$
|
17,979
|
|
|
$
|
10,376
|
|
|
$
|
9,837
|
|
|
$
|
64,670
|
|
|
Residential Home Today
|
|
11,539
|
|
|
93
|
|
|
6,792
|
|
|
16,297
|
|
|
14,324
|
|
|
737
|
|
|
49,782
|
|
|||||||
|
Home equity loans and lines of credit
|
|
84
|
|
|
673
|
|
|
758
|
|
|
181
|
|
|
332
|
|
|
4,424
|
|
|
6,452
|
|
|||||||
|
Construction
|
|
—
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||||
|
Total
|
|
$
|
25,741
|
|
|
$
|
2,577
|
|
|
$
|
18,421
|
|
|
$
|
34,457
|
|
|
$
|
25,032
|
|
|
$
|
14,998
|
|
|
$
|
121,226
|
|
|
Non-Accrual, Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
730
|
|
|
$
|
308
|
|
|
$
|
492
|
|
|
$
|
2,269
|
|
|
$
|
5,220
|
|
|
$
|
17,288
|
|
|
$
|
26,307
|
|
|
Residential Home Today
|
|
2,927
|
|
|
28
|
|
|
1,639
|
|
|
736
|
|
|
3,216
|
|
|
3,077
|
|
|
11,623
|
|
|||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
9,985
|
|
|
10,016
|
|
|||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
|
$
|
3,657
|
|
|
$
|
336
|
|
|
$
|
2,131
|
|
|
$
|
3,005
|
|
|
$
|
8,467
|
|
|
$
|
30,350
|
|
|
$
|
47,946
|
|
|
Non-Accrual, Non-Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
3,030
|
|
|
$
|
618
|
|
|
$
|
2,139
|
|
|
$
|
1,285
|
|
|
$
|
1,822
|
|
|
$
|
10,935
|
|
|
$
|
19,829
|
|
|
Residential Home Today
|
|
2,574
|
|
|
155
|
|
|
2,305
|
|
|
2,300
|
|
|
2,434
|
|
|
1,443
|
|
|
11,211
|
|
|||||||
|
Home equity loans and lines of credit
|
|
—
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
112
|
|
|
2,274
|
|
|
2,457
|
|
|||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
|
$
|
5,604
|
|
|
$
|
773
|
|
|
$
|
4,515
|
|
|
$
|
3,585
|
|
|
$
|
4,368
|
|
|
$
|
14,652
|
|
|
$
|
33,497
|
|
|
Total Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
17,878
|
|
|
$
|
2,415
|
|
|
$
|
13,502
|
|
|
$
|
21,533
|
|
|
$
|
17,418
|
|
|
$
|
38,060
|
|
|
$
|
110,806
|
|
|
Residential Home Today
|
|
17,040
|
|
|
276
|
|
|
10,736
|
|
|
19,333
|
|
|
19,974
|
|
|
5,257
|
|
|
72,616
|
|
|||||||
|
Home equity loans and lines of credit
|
|
84
|
|
|
673
|
|
|
829
|
|
|
181
|
|
|
475
|
|
|
16,683
|
|
|
18,925
|
|
|||||||
|
Construction
|
|
—
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||||
|
Total
|
|
$
|
35,002
|
|
|
$
|
3,686
|
|
|
$
|
25,067
|
|
|
$
|
41,047
|
|
|
$
|
37,867
|
|
|
$
|
60,000
|
|
|
$
|
202,669
|
|
|
|
|
Reduction in
Interest Rates
|
|
Payment
Extensions
|
|
Forbearance or
Other Actions
|
|
Multiple
Concessions
|
|
Multiple
Modifications
|
|
Bankruptcy
|
|
Total
|
||||||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
|
Accruing Modifications Less Than One Year Old
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
3,261
|
|
|
$
|
—
|
|
|
$
|
305
|
|
|
$
|
4,805
|
|
|
$
|
3,291
|
|
|
$
|
1,318
|
|
|
$
|
12,980
|
|
|
Residential Home Today
|
|
94
|
|
|
—
|
|
|
—
|
|
|
370
|
|
|
6,644
|
|
|
74
|
|
|
7,182
|
|
|||||||
|
Home equity loans and lines of credit
|
|
34
|
|
|
100
|
|
|
—
|
|
|
19
|
|
|
7
|
|
|
982
|
|
|
1,142
|
|
|||||||
|
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
|
$
|
3,389
|
|
|
$
|
100
|
|
|
$
|
305
|
|
|
$
|
5,194
|
|
|
$
|
9,942
|
|
|
$
|
2,374
|
|
|
$
|
21,304
|
|
|
Accruing Modifications Greater Than or Equal to One Year Old
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Residential non-Home Today
|
|
$
|
10,857
|
|
|
$
|
1,489
|
|
|
$
|
10,566
|
|
|
$
|
13,174
|
|
|
$
|
7,085
|
|
|
$
|
8,519
|
|
|
$
|
51,690
|
|
|
Residential Home Today
|
|
11,445
|
|
|
93
|
|
|
6,792
|
|
|
15,927
|
|
|
7,680
|
|
|
663
|
|
|
42,600
|
|
|||||||
|
Home equity loans and lines of credit
|
|
50
|
|
|
573
|
|
|
758
|
|
|
162
|
|
|
325
|
|
|
3,442
|
|
|
5,310
|
|
|||||||
|
Construction
|
|
—
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||||
|
Total
|
|
$
|
22,352
|
|
|
$
|
2,477
|
|
|
$
|
18,116
|
|
|
$
|
29,263
|
|
|
$
|
15,090
|
|
|
$
|
12,624
|
|
|
$
|
99,922
|
|
|
|
|
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
|
|
$
|
1,324,156
|
|
|
$
|
650,227
|
|
|
0.46
|
%
|
|
61
|
%
|
|
73
|
%
|
|
Florida
|
|
756,659
|
|
|
547,167
|
|
|
0.80
|
%
|
|
63
|
%
|
|
99
|
%
|
||
|
California
|
|
306,226
|
|
|
222,445
|
|
|
0.29
|
%
|
|
68
|
%
|
|
84
|
%
|
||
|
Other (1)
|
|
555,189
|
|
|
338,401
|
|
|
0.26
|
%
|
|
63
|
%
|
|
75
|
%
|
||
|
Total home equity lines of credit in draw period
|
|
2,942,230
|
|
|
1,758,240
|
|
|
0.51
|
%
|
|
62
|
%
|
|
80
|
%
|
||
|
Home equity lines in repayment, home equity loans and bridge loans
|
|
168,243
|
|
|
168,243
|
|
|
2.49
|
%
|
|
67
|
%
|
|
65
|
%
|
||
|
Total
|
|
$
|
3,110,473
|
|
|
$
|
1,926,483
|
|
|
0.68
|
%
|
|
62
|
%
|
|
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, 2013
. 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
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
2003 and prior
|
|
$
|
659,160
|
|
|
$
|
337,616
|
|
|
0.43
|
%
|
|
56
|
%
|
|
70
|
%
|
|
2004
|
|
161,859
|
|
|
91,117
|
|
|
1.01
|
%
|
|
67
|
%
|
|
80
|
%
|
||
|
2005
|
|
112,716
|
|
|
68,494
|
|
|
1.34
|
%
|
|
67
|
%
|
|
87
|
%
|
||
|
2006
|
|
268,151
|
|
|
174,893
|
|
|
0.65
|
%
|
|
66
|
%
|
|
95
|
%
|
||
|
2007
|
|
416,558
|
|
|
295,023
|
|
|
0.69
|
%
|
|
67
|
%
|
|
96
|
%
|
||
|
2008
|
|
867,867
|
|
|
567,641
|
|
|
0.41
|
%
|
|
64
|
%
|
|
80
|
%
|
||
|
2009
|
|
363,293
|
|
|
184,903
|
|
|
0.05
|
%
|
|
55
|
%
|
|
67
|
%
|
||
|
2010
|
|
31,925
|
|
|
13,846
|
|
|
—
|
%
|
|
58
|
%
|
|
66
|
%
|
||
|
2011(3)
|
|
231
|
|
|
140
|
|
|
—
|
%
|
|
39
|
%
|
|
67
|
%
|
||
|
2012
|
|
30,276
|
|
|
13,724
|
|
|
—
|
%
|
|
52
|
%
|
|
56
|
%
|
||
|
2013
|
|
30,194
|
|
|
10,843
|
|
|
—
|
%
|
|
59
|
%
|
|
59
|
%
|
||
|
Total home equity lines of credit in draw period
|
|
2,942,230
|
|
|
1,758,240
|
|
|
0.51
|
%
|
|
62
|
%
|
|
80
|
%
|
||
|
Home equity lines in repayment, home equity loans and bridge loans
|
|
168,243
|
|
|
168,243
|
|
|
2.49
|
%
|
|
67
|
%
|
|
65
|
%
|
||
|
Total
|
|
$
|
3,110,473
|
|
|
$
|
1,926,483
|
|
|
0.68
|
%
|
|
62
|
%
|
|
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, 2013
. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
< 80%
|
|
$
|
1,473,361
|
|
|
$
|
720,797
|
|
|
41.0
|
%
|
|
0.75
|
%
|
|
51
|
%
|
|
53
|
%
|
|
80 - 89.9%
|
|
347,378
|
|
|
207,686
|
|
|
11.8
|
%
|
|
0.68
|
%
|
|
72
|
%
|
|
85
|
%
|
||
|
90 - 100%
|
|
267,060
|
|
|
177,807
|
|
|
10.1
|
%
|
|
0.38
|
%
|
|
74
|
%
|
|
95
|
%
|
||
|
> 100%
|
|
662,405
|
|
|
536,791
|
|
|
30.5
|
%
|
|
0.26
|
%
|
|
76
|
%
|
|
134
|
%
|
||
|
Unknown
|
|
192,026
|
|
|
115,159
|
|
|
6.6
|
%
|
|
0.04
|
%
|
|
62
|
%
|
|
(1
|
)
|
||
|
|
|
$
|
2,942,230
|
|
|
$
|
1,758,240
|
|
|
100.0
|
%
|
|
0.51
|
%
|
|
62
|
%
|
|
80
|
%
|
|
(1)
|
Market data necessary for stratification is not readily available.
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||||
|
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
||||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Balance - beginning of period
|
|
$
|
16,390
|
|
|
$
|
—
|
|
|
$
|
16,390
|
|
|
$
|
23,879
|
|
|
$
|
—
|
|
|
$
|
23,879
|
|
|
Additions from loan securitizations/sales
|
|
447
|
|
|
|
|
447
|
|
|
—
|
|
|
|
|
—
|
|
||||||||
|
Amortization
|
|
(1,565
|
)
|
|
|
|
(1,565
|
)
|
|
(2,074
|
)
|
|
|
|
(2,074
|
)
|
||||||||
|
Net change in valuation allowance
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
Balance - end of period
|
|
$
|
15,272
|
|
|
—
|
|
|
$
|
15,272
|
|
|
$
|
21,805
|
|
|
—
|
|
|
$
|
21,805
|
|
||
|
Fair value of capitalized amounts
|
|
|
|
|
|
$
|
19,246
|
|
|
|
|
|
|
$
|
27,206
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||||
|
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
|
Mortgage Servicing Asset
|
|
Valuation Allowance
|
|
Net
|
||||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Balance - beginning of period
|
|
$
|
19,613
|
|
|
$
|
—
|
|
|
$
|
19,613
|
|
|
$
|
28,919
|
|
|
$
|
—
|
|
|
$
|
28,919
|
|
|
Additions from loan securitizations/sales
|
|
1,006
|
|
|
|
|
1,006
|
|
|
—
|
|
|
|
|
—
|
|
||||||||
|
Amortization
|
|
(5,347
|
)
|
|
|
|
(5,347
|
)
|
|
(7,114
|
)
|
|
|
|
(7,114
|
)
|
||||||||
|
Net change in valuation allowance
|
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
Balance - end of period
|
|
$
|
15,272
|
|
|
$
|
—
|
|
|
$
|
15,272
|
|
|
$
|
21,805
|
|
|
$
|
—
|
|
|
$
|
21,805
|
|
|
Fair value of capitalized amounts
|
|
|
|
|
|
$
|
19,246
|
|
|
|
|
|
|
$
|
27,206
|
|
||||||||
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||
|
|
|
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)
|
|
5
|
|
|
$
|
999
|
|
|
$
|
11
|
|
|
3
|
|
|
$
|
830
|
|
|
$
|
98
|
|
|
Recourse, non-performing loans(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
43
|
|
|
—
|
|
||||
|
Non-recourse, performing loans(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Post-disposition file reviews(4)
|
|
3
|
|
|
—
|
|
|
198
|
|
|
4
|
|
|
—
|
|
|
296
|
|
||||
|
Compensatory fees related to default servicing(5)
|
|
—
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
8
|
|
|
$
|
999
|
|
|
$
|
384
|
|
|
8
|
|
|
$
|
873
|
|
|
$
|
394
|
|
|
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||
|
|
|
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)
|
|
6
|
|
|
$
|
1,137
|
|
|
$
|
18
|
|
|
15
|
|
|
$
|
3,177
|
|
|
$
|
485
|
|
|
Recourse, non-performing loans(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
86
|
|
|
—
|
|
||||
|
Non-recourse, performing loans(3)
|
|
5
|
|
|
780
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Post-disposition file reviews(4)
|
|
16
|
|
|
—
|
|
|
1,165
|
|
|
12
|
|
|
—
|
|
|
897
|
|
||||
|
Compensatory fees related to default servicing(5)
|
|
—
|
|
|
—
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
92
|
|
||||
|
|
|
27
|
|
|
$
|
1,917
|
|
|
$
|
1,568
|
|
|
30
|
|
|
$
|
3,263
|
|
|
$
|
1,474
|
|
|
(1)
|
Repurchase of non-recourse, non-performing loans was attributed to underwriting (primarily debt-to-income ratio) and/or servicing non-compliance.
|
|
(2)
|
At
June 30, 2013
the Association serviced 165 loans with a principal balance of $5.6 million for Fannie Mae that were subject to recourse. Of these, six loans with principal balances that totaled $158 thousand were delinquent 30 days or more. All other loans serviced for others were sold without recourse.
|
|
(3)
|
Repurchases of non-recourse, performing loans 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 all of the following occurred: 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, 2013
|
|
June 30, 2012
|
||||||||||||||||||||
|
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Other interest-earning cash
equivalents
|
|
$
|
259,913
|
|
|
$
|
172
|
|
|
|
0.26
|
%
|
|
$
|
279,968
|
|
|
$
|
190
|
|
|
|
0.27
|
%
|
|
Investment securities
|
|
9,060
|
|
|
9
|
|
|
|
0.40
|
%
|
|
10,070
|
|
|
9
|
|
|
|
0.36
|
%
|
||||
|
Mortgage-backed securities
|
|
446,513
|
|
|
1,251
|
|
|
|
1.12
|
%
|
|
377,799
|
|
|
1,507
|
|
|
|
1.60
|
%
|
||||
|
Loans (1)
|
|
10,084,908
|
|
|
92,399
|
|
|
|
3.66
|
%
|
|
10,377,112
|
|
|
102,143
|
|
|
|
3.94
|
%
|
||||
|
Federal Home Loan Bank stock
|
|
35,620
|
|
|
373
|
|
|
|
4.19
|
%
|
|
35,620
|
|
|
376
|
|
|
|
4.22
|
%
|
||||
|
Total interest-earning assets
|
|
10,836,014
|
|
|
94,204
|
|
|
|
3.48
|
%
|
|
11,080,569
|
|
|
104,225
|
|
|
|
3.76
|
%
|
||||
|
Noninterest-earning assets
|
|
279,866
|
|
|
|
|
|
|
|
295,612
|
|
|
|
|
|
|
||||||||
|
Total assets
|
|
$
|
11,115,880
|
|
|
|
|
|
|
|
$
|
11,376,181
|
|
|
|
|
|
|
||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW accounts
|
|
$
|
1,038,740
|
|
|
487
|
|
|
|
0.19
|
%
|
|
$
|
1,000,083
|
|
|
715
|
|
|
|
0.29
|
%
|
||
|
Savings accounts
|
|
1,808,667
|
|
|
1,249
|
|
|
|
0.28
|
%
|
|
1,777,844
|
|
|
1,778
|
|
|
|
0.40
|
%
|
||||
|
Certificates of deposit
|
|
5,844,989
|
|
|
25,313
|
|
|
|
1.73
|
%
|
|
6,113,501
|
|
|
35,211
|
|
|
|
2.30
|
%
|
||||
|
Borrowed funds
|
|
338,110
|
|
|
1,027
|
|
|
|
1.21
|
%
|
|
394,682
|
|
|
657
|
|
|
|
0.67
|
%
|
||||
|
Total interest-bearing liabilities
|
|
9,030,506
|
|
|
28,076
|
|
|
|
1.24
|
%
|
|
9,286,110
|
|
|
38,361
|
|
|
|
1.65
|
%
|
||||
|
Noninterest-bearing liabilities
|
|
240,376
|
|
|
|
|
|
|
|
285,112
|
|
|
|
|
|
|
||||||||
|
Total liabilities
|
|
9,270,882
|
|
|
|
|
|
|
|
9,571,222
|
|
|
|
|
|
|
||||||||
|
Shareholders’ equity
|
|
1,844,998
|
|
|
|
|
|
|
|
1,804,959
|
|
|
|
|
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
|
$
|
11,115,880
|
|
|
|
|
|
|
|
$
|
11,376,181
|
|
|
|
|
|
|
||||||
|
Net interest income
|
|
|
|
$
|
66,128
|
|
|
|
|
|
|
|
$
|
65,864
|
|
|
|
|
||||||
|
Interest rate spread (2)(3)
|
|
|
|
|
|
|
2.24
|
%
|
|
|
|
|
|
|
2.11
|
%
|
||||||||
|
Net interest-earning assets (4)
|
|
$
|
1,805,508
|
|
|
|
|
|
|
|
$
|
1,794,459
|
|
|
|
|
|
|
||||||
|
Net interest margin (2)(5)
|
|
|
|
2.44
|
%
|
|
|
|
|
|
2.38
|
%
|
|
|
||||||||||
|
Average interest-earning assets to average interest-bearing liabilities
|
|
119.99
|
%
|
|
|
|
|
|
|
119.32
|
%
|
|
|
|
|
|
||||||||
|
Selected performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Return on average assets (2)
|
|
|
|
0.58
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
||||||||||
|
Return on average equity (2)
|
|
|
|
3.52
|
%
|
|
|
|
|
|
0.20
|
%
|
|
|
||||||||||
|
Average equity to average assets
|
|
|
|
16.60
|
%
|
|
|
|
|
|
|
15.87
|
%
|
|
|
|
||||||||
|
(1)
|
Loans include both mortgage loans held for sale and loans held for investment.
|
|
(2)
|
Annualized.
|
|
(3)
|
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|
(4)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|
(5)
|
Net interest margin represents net interest income divided by total interest-earning assets.
|
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||||
|
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
|
Average
Balance |
|
Interest
Income/ Expense |
|
|
Yield/
Cost (1) |
||||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||||||||||
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Other interest-earning cash
equivalents
|
|
$
|
241,981
|
|
|
$
|
467
|
|
|
|
0.26
|
%
|
|
$
|
280,319
|
|
|
$
|
534
|
|
|
|
0.25
|
%
|
|
Investment securities
|
|
9,355
|
|
|
27
|
|
|
|
0.38
|
%
|
|
10,327
|
|
|
28
|
|
|
|
0.36
|
%
|
||||
|
Mortgage-backed securities
|
|
437,891
|
|
|
3,425
|
|
|
|
1.04
|
%
|
|
370,081
|
|
|
4,830
|
|
|
|
1.74
|
%
|
||||
|
Loans (1)
|
|
10,230,102
|
|
|
286,329
|
|
|
|
3.73
|
%
|
|
10,193,762
|
|
|
308,046
|
|
|
|
4.03
|
%
|
||||
|
Federal Home Loan Bank stock
|
|
35,620
|
|
|
1,179
|
|
|
|
4.41
|
%
|
|
35,620
|
|
|
1,140
|
|
|
|
4.27
|
%
|
||||
|
Total interest-earning assets
|
|
10,954,949
|
|
|
291,427
|
|
|
|
3.55
|
%
|
|
10,890,109
|
|
|
314,578
|
|
|
|
3.85
|
%
|
||||
|
Noninterest-earning assets
|
|
283,896
|
|
|
|
|
|
|
|
280,282
|
|
|
|
|
|
|
||||||||
|
Total assets
|
|
$
|
11,238,845
|
|
|
|
|
|
|
|
$
|
11,170,391
|
|
|
|
|
|
|
||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NOW accounts
|
|
$
|
1,023,427
|
|
|
$
|
1,794
|
|
|
|
0.23
|
%
|
|
$
|
983,734
|
|
|
$
|
2,121
|
|
|
|
0.29
|
%
|
|
Savings accounts
|
|
1,803,898
|
|
|
4,416
|
|
|
|
0.33
|
%
|
|
1,751,815
|
|
|
5,866
|
|
|
|
0.45
|
%
|
||||
|
Certificates of deposit
|
|
5,941,291
|
|
|
80,004
|
|
|
|
1.80
|
%
|
|
6,011,868
|
|
|
108,813
|
|
|
|
2.41
|
%
|
||||
|
Borrowed funds
|
|
391,232
|
|
|
2,739
|
|
|
|
0.93
|
%
|
|
331,863
|
|
|
1,874
|
|
|
|
0.75
|
%
|
||||
|
Total interest-bearing liabilities
|
|
9,159,848
|
|
|
88,953
|
|
|
|
1.29
|
%
|
|
9,079,280
|
|
|
118,674
|
|
|
|
1.74
|
%
|
||||
|
Noninterest-bearing liabilities
|
|
250,827
|
|
|
|
|
|
|
|
294,024
|
|
|
|
|
|
|
||||||||
|
Total liabilities
|
|
9,410,675
|
|
|
|
|
|
|
|
9,373,304
|
|
|
|
|
|
|
||||||||
|
Shareholders’ equity
|
|
1,828,170
|
|
|
|
|
|
|
|
1,797,087
|
|
|
|
|
|
|
||||||||
|
Total liabilities and shareholders’ equity
|
|
$
|
11,238,845
|
|
|
|
|
|
|
|
$
|
11,170,391
|
|
|
|
|
|
|
||||||
|
Net interest income
|
|
|
|
$
|
202,474
|
|
|
|
|
|
|
|
$
|
195,904
|
|
|
|
|
||||||
|
Interest rate spread (2)(3)
|
|
|
|
|
|
|
2.26
|
%
|
|
|
|
|
|
|
2.11
|
%
|
||||||||
|
Net interest-earning assets (4)
|
|
$
|
1,795,101
|
|
|
|
|
|
|
|
$
|
1,810,829
|
|
|
|
|
|
|
||||||
|
Net interest margin (2)(5)
|
|
|
|
2.46
|
%
|
|
|
|
|
|
|
2.40
|
%
|
|
|
|
||||||||
|
Average interest-earning assets to average interest-bearing liabilities
|
|
119.60
|
%
|
|
|
|
|
|
|
119.94
|
%
|
|
|
|
|
|
||||||||
|
Selected performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Return on average assets (2)
|
|
|
|
0.48
|
%
|
|
|
|
|
|
|
0.12
|
%
|
|
|
|
||||||||
|
Return on average equity (2)
|
|
|
|
2.93
|
%
|
|
|
|
|
|
|
0.77
|
%
|
|
|
|
||||||||
|
Average equity to average assets
|
|
|
|
16.27
|
%
|
|
|
|
|
|
|
16.09
|
%
|
|
|
|
||||||||
|
(1)
|
Loans include both mortgage loans held for sale and loans held for investment.
|
|
(2)
|
Annualized.
|
|
(3)
|
Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|
(4)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|
(5)
|
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
|
|
$
|
1,661,603
|
|
|
23.90
|
%
|
|
$
|
695,252
|
|
|
10.00
|
%
|
|
Core Capital to Adjusted Tangible Assets
|
|
1,574,578
|
|
|
14.19
|
%
|
|
554,685
|
|
|
5.00
|
%
|
||
|
Tier 1 Capital to Risk-Weighted Assets
|
|
1,574,578
|
|
|
22.65
|
%
|
|
417,151
|
|
|
6.00
|
%
|
||
|
|
|
Actual
|
|||||
|
|
|
Amount
|
|
Ratio
|
|||
|
Total Capital to Risk-Weighted Assets
|
|
$
|
1,939,072
|
|
|
27.77
|
%
|
|
Core Capital to Adjusted Tangible Assets
|
|
1,851,671
|
|
|
16.64
|
%
|
|
|
Tier 1 Capital to Risk-Weighted Assets
|
|
1,851,671
|
|
|
26.52
|
%
|
|
|
(i)
|
marketing adjustable-rate and shorter-maturity (10 year, fixed-rate mortgages) 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, and through the use of longer-term advances from the Federal Home Loan Bank of Cincinnati;
|
|
(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
|
|
$
|
1,121,765
|
|
|
$
|
(779,076
|
)
|
|
(41.0
|
)%
|
|
11.21
|
%
|
|
(566
|
)
|
|
+200
|
|
1,380,618
|
|
|
(520,223
|
)
|
|
(27.4
|
)%
|
|
13.26
|
%
|
|
(361
|
)
|
||
|
+100
|
|
1,647,407
|
|
|
(253,435
|
)
|
|
(13.3
|
)%
|
|
15.20
|
%
|
|
(167
|
)
|
||
|
0
|
|
1,900,842
|
|
|
—
|
|
|
—
|
|
|
16.87
|
%
|
|
—
|
|
||
|
-100
|
|
2,068,379
|
|
|
167,538
|
|
|
8.8
|
%
|
|
17.80
|
%
|
|
93
|
|
||
|
(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, 2013
|
|
At September 30, 2012
|
||
|
Pre-Shock EVE Ratio
|
|
16.87
|
%
|
|
15.49
|
%
|
|
Post-Shock EVE Ratio
|
|
13.26
|
%
|
|
12.47
|
%
|
|
Sensitivity Measure in basis points
|
|
(361
|
)
|
|
(302
|
)
|
|
(a)
|
Not applicable
|
|
(b)
|
Not applicable
|
|
(c)
|
The Company did not repurchase any shares of common stock during the quarter ended
June 30, 2013
.
|
|
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, 2013, filed on August 8, 2013, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, (vi) the Notes to 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 8, 2013
|
|
/s/ Marc A. Stefanski
|
|
|
|
|
Marc A. Stefanski
|
|
|
|
|
Chairman of the Board, President
and Chief Executive Officer
|
|
|
|
|
|
|
Dated:
|
August 8, 2013
|
|
/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 |
|---|