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Section 1: 10-Q (JUNE 30, 2019 FORM 10-Q)

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UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
Form 10-Q
________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __
Commission file number: 001-34814
Capitol Federal Financial, Inc.
(Exact name of registrant as specified in its charter)

Maryland
27-2631712
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
 
 
700 South Kansas Avenue,
Topeka,
Kansas
66603
(Address of principal executive offices)
(Zip Code)

(785) 235-1341
(Registrant's telephone number, including area code)
_____________________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock,
par value $0.01 per share
CFFN
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer            Accelerated filer ☐        Non-accelerated filer ☐
Smaller reporting company         Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of August 2, 2019, there were 141,433,530 shares of Capitol Federal Financial, Inc. common stock outstanding.




PART I - FINANCIAL INFORMATION
Page Number
Item 1.
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
Item 3.
Item 4.
 
 
 
 
 
 
PART II - OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
 
 
 
 
 
 
 
 
 
 
 




PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)
 
 
 
 
 
June 30,
 
September 30,
 
2019
 
2018
ASSETS:
 
 
 
Cash and cash equivalents (includes interest-earning deposits of $20,204 and $122,733)
$
43,051

 
$
139,055

Securities:
 
 
 
Available-for-sale ("AFS"), at estimated fair value (amortized cost of $759,221 and $718,564)
769,393

 
714,614

Held-to-maturity ("HTM"), at amortized cost (estimated fair value of $486,590 and $601,071)
483,858

 
612,318

Loans receivable, net (allowance for credit losses ("ACL") of $9,036 and $8,463)
7,507,468

 
7,514,485

Federal Home Loan Bank Topeka ("FHLB") stock, at cost
100,109

 
99,726

Premises and equipment, net
96,170

 
96,005

Income taxes receivable, net
495

 
2,177

Other assets
285,731

 
271,167

TOTAL ASSETS
$
9,286,275

 
$
9,449,547

 
 
 
 
LIABILITIES:
 
 
 
Deposits
$
5,580,871

 
$
5,603,354

FHLB borrowings
2,139,987

 
2,174,981

Other borrowings
100,000

 
110,052

Advance payments by borrowers for taxes and insurance
39,769

 
65,264

Deferred income tax liabilities, net
15,135

 
21,253

Accounts payable and accrued expenses
83,414

 
83,021

Total liabilities
7,959,176

 
8,057,925

 
 
 
 
STOCKHOLDERS' EQUITY:
 
 
 
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding

 

Common stock, $.01 par value; 1,400,000,000 shares authorized, 141,421,630 and 141,225,516
 
 
 
shares issued and outstanding as of June 30, 2019 and September 30, 2018, respectively
1,414

 
1,412

Additional paid-in capital
1,209,740

 
1,207,644

Unearned compensation, Employee Stock Ownership Plan ("ESOP")
(35,104
)
 
(36,343
)
Retained earnings
163,581

 
214,569

Accumulated other comprehensive (loss) income ("AOCI"), net of tax
(12,532
)
 
4,340

Total stockholders' equity
1,327,099

 
1,391,622

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
9,286,275

 
$
9,449,547

 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 


3


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Nine Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
INTEREST AND DIVIDEND INCOME:
 
 
 
 
 
 
 
Loans receivable
$
71,434

 
$
64,893

 
$
213,863

 
$
193,276

Mortgage-backed securities ("MBS")
6,613

 
5,921

 
19,437

 
16,563

FHLB stock
1,865

 
2,819

 
5,667

 
9,115

Investment securities
1,835

 
1,307

 
4,781

 
3,395

Cash and cash equivalents
464

 
7,221

 
2,921

 
22,230

Total interest and dividend income
82,211

 
82,161

 
246,669

 
244,579

INTEREST EXPENSE:
 
 
 
 
 
 
 
Deposits
16,909

 
13,587

 
48,730

 
38,028

FHLB borrowings
12,981

 
18,501

 
39,036

 
55,190

Other borrowings
640

 
640

 
2,324

 
2,665

Total interest expense
30,530

 
32,728

 
90,090

 
95,883

NET INTEREST INCOME
51,681

 
49,433

 
156,579

 
148,696

PROVISION FOR CREDIT LOSSES
450

 

 
450

 

NET INTEREST INCOME AFTER
 
 
 
 
 
 
 
PROVISION FOR CREDIT LOSSES
51,231

 
49,433

 
156,129

 
148,696

NON-INTEREST INCOME:
 
 
 
 
 
 
 
Deposit service fees
3,131

 
3,915

 
9,581

 
11,550

Income from bank-owned life insurance ("BOLI")
590

 
510

 
1,812

 
1,320

Other non-interest income
1,953

 
999

 
4,706

 
3,345

Total non-interest income
5,674

 
5,424

 
16,099

 
16,215

NON-INTEREST EXPENSE:
 
 
 
 
 
 
 
Salaries and employee benefits
13,454

 
11,936

 
39,205

 
33,631

Information technology and related expense
4,652

 
3,363

 
13,535

 
10,316

Occupancy, net
3,224

 
2,787

 
9,768

 
8,391

Regulatory and outside services
1,425

 
1,628

 
4,247

 
3,919

Advertising and promotional
1,447

 
1,490

 
3,597

 
3,512

Office supplies and related expense
689

 
455

 
1,884

 
1,339

Deposit and loan transaction costs
681

 
1,437

 
1,882

 
4,157

Federal insurance premium
600

 
813

 
1,787

 
2,512

Other non-interest expense
1,519

 
602

 
4,709

 
2,368

Total non-interest expense
27,691

 
24,511

 
80,614

 
70,145

INCOME BEFORE INCOME TAX EXPENSE
29,214

 
30,346

 
91,614

 
94,766

INCOME TAX EXPENSE
6,317

 
7,974

 
19,780

 
17,228

NET INCOME
$
22,897

 
$
22,372

 
$
71,834

 
$
77,538

 
 
 
 
 
 
 
 
Basic earnings per share ("EPS")
$
0.17

 
$
0.17

 
$
0.52

 
$
0.58

Diluted EPS
$
0.17

 
$
0.17

 
$
0.52

 
$
0.58

 
 
 
 
 
 
 
 
Basic weighted average common shares
137,720,480

 
134,484,240

 
137,635,099

 
134,428,280

Diluted weighted average common shares
137,787,528

 
134,529,953

 
137,690,434

 
134,490,555

 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 

4


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Nine Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
22,897

 
$
22,372

 
$
71,834

 
$
77,538

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Changes in unrealized gains (losses) on AFS securities,
 
 
 
 
 
 
 
net of taxes of $(1,317), $437, $(3,432) and $1,756
4,102

 
(1,366
)
 
10,690

 
(4,430
)
Changes in unrealized gains (losses) on cash flow hedges,
 
 
 
 
 
 
 
net of taxes of $3,601, $9, $8,847 and $(1,858)
(11,218
)
 
(30
)
 
(27,562
)
 
4,608

Comprehensive income
$
15,781

 
$
20,976

 
$
54,962

 
$
77,716

 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 


5


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(Dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended June 30, 2019
 
 
 
Additional
 
Unearned
 
 
 
 
 
Total
 
Common
 
Paid-In
 
Compensation
 
Retained
 
 
 
Stockholders'
 
Stock
 
Capital
 
ESOP
 
Earnings
 
AOCI
 
Equity
Balance at September 30, 2018
$
1,412

 
$
1,207,644

 
$
(36,343
)
 
$
214,569

 
$
4,340

 
$
1,391,622

Net income
 
 
 
 
 
 
24,383

 
 
 
24,383

Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
(6,217
)
 
(6,217
)
Cumulative effect of adopting Accounting Standards Update ("ASU") 2014-09
 
 
 
 
 
 
394

 
 
 
394

ESOP activity
 
 
118

 
413

 
 
 
 
 
531

Stock-based compensation
 
 
95

 
 
 
 
 
 
 
95

Stock options exercised
1

 
466

 
 
 
 
 
 
 
467

Cash dividends to stockholders ($0.475 per share)
 
 
 
 
 
(65,362
)
 
 
 
(65,362
)
Balance at December 31, 2018
1,413

 
1,208,323

 
(35,930
)
 
173,984

 
(1,877
)
 
1,345,913

Net income
 
 
 
 
 
 
24,554

 
 
 
24,554

Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
(3,539
)
 
(3,539
)
ESOP activity
 
 
134

 
413

 
 
 
 
 
547

Stock-based compensation
 
 
90

 
 
 
 
 
 
 
90

Stock options exercised
 
 
118

 
 
 
 
 
 
 
118

Cash dividends to stockholders ($0.085 per share)
 
 
 
 
 
(11,700
)
 
 
 
(11,700
)
Balance at March 31, 2019
1,413

 
1,208,665

 
(35,517
)
 
186,838

 
(5,416
)
 
1,355,983

Net income
 
 
 
 
 
 
22,897

 
 
 
22,897

Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
(7,116
)
 
(7,116
)
ESOP activity
 
 
147

 
413

 
 
 
 
 
560

Stock-based compensation
 
 
167

 
 
 
 
 
 
 
167

Stock options exercised
1

 
761

 
 
 
 
 
 
 
762

Cash dividends to stockholders ($0.335 per share)
 
 
 
 
 
(46,154
)
 
 
 
(46,154
)
Balance at June 30, 2019
$
1,414

 
$
1,209,740

 
$
(35,104
)
 
$
163,581

 
$
(12,532
)
 
$
1,327,099

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Continued)


6


 
For the Nine Months Ended June 30, 2018
 
 
 
Additional
 
Unearned
 
 
 
 
 
Total
 
Common
 
Paid-In
 
Compensation
 
Retained
 
 
 
Stockholders'
 
Stock
 
Capital
 
ESOP
 
Earnings
 
AOCI
 
Equity
Balance at September 30, 2017
$
1,382

 
$
1,167,368

 
$
(37,995
)
 
$
234,640

 
$
2,918

 
$
1,368,313

Net income
 
 
 
 
 
 
31,836

 
 
 
31,836

Other comprehensive income, net of tax
 
 
 
 
 
 
 
 
156

 
156

Cumulative effect of adopting ASU 2016-09
 
 
19

 
 
 
(19
)
 
 
 

ESOP activity
 
 
165

 
413

 
 
 
 
 
578

Stock-based compensation
 
 
94

 
 
 
 
 
 
 
94

Stock options exercised
 
 
46

 
 
 
 
 
 
 
46

Cash dividends to stockholders ($0.375 per share)
 
 
 
 
 
(50,412
)
 
 
 
(50,412
)
Balance at December 31, 2017
1,382

 
1,167,692

 
(37,582
)
 
216,045

 
3,074

 
1,350,611

Net income
 
 
 
 
 
 
23,330

 
 
 
23,330

Other comprehensive income, net of tax
 
 
 
 
 
 
 
 
1,418

 
1,418

Reclassification of certain tax effects related to adopting ASU 2018-02
 
 
 
 
 
 
(667
)
 
667

 

ESOP activity
 
 
123

 
413

 
 
 
 
 
536

Stock-based compensation
 
 
93

 
 
 
 
 
 
 
93

Stock options exercised
 
 
179

 
 
 
 
 
 
 
179

Cash dividends to stockholders ($0.085 per share)
 
 
 
 
 
(11,427
)
 
 
 
(11,427
)
Balance at March 31, 2018
1,382

 
1,168,087

 
(37,169
)
 
227,281

 
5,159

 
1,364,740

Net income
 
 
 
 
 
 
22,372

 
 
 
22,372

Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
(1,396
)
 
(1,396
)
ESOP activity
 
 
122

 
413

 
 
 
 
 
535

Stock-based compensation
 
 
93

 
 
 
 
 
 
 
93

Stock options exercised
1

 
23

 
 
 
 
 
 
 
24

Cash dividends to stockholders ($0.335 per share)
 
 
 
 
 
(45,043
)
 
 
 
(45,043
)
Balance at June 30, 2018
$
1,383

 
$
1,168,325

 
$
(36,756
)
 
$
204,610

 
$
3,763

 
$
1,341,325

 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
(Concluded)



7


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
 
 
 
For the Nine Months Ended
 
June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
71,834

 
$
77,538

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
FHLB stock dividends
(5,667
)
 
(9,115
)
Provision for credit losses
450

 

Originations of loans receivable held-for-sale ("LHFS")

 
(777
)
Proceeds from sales of LHFS

 
16,423

Amortization and accretion of premiums and discounts on securities
959

 
2,478

Depreciation and amortization of premises and equipment
6,907

 
6,275

Amortization of intangible assets
1,766

 

Amortization of deferred amounts related to FHLB advances, net
6

 
1,008

Common stock committed to be released for allocation - ESOP
1,638

 
1,649

Stock-based compensation
352

 
280

Changes in:
 
 
 
Unrestricted cash collateral (provided to)/received from derivative counterparties, net
(9,970
)
 
6,071

Other assets, net
2,962

 
444

Income taxes payable/receivable, net
1,679

 
(531
)
Deferred income tax liabilities, net
(699
)
 
(6,038
)
Accounts payable and accrued expenses
(16,691
)
 
(5,643
)
Net cash provided by operating activities
55,526

 
90,062

 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchase of AFS securities
(286,488
)
 
(312,285
)
Proceeds from calls, maturities and principal reductions of AFS securities
246,648

 
164,446

Proceeds from calls, maturities and principal reductions of HTM securities
126,684

 
160,792

Proceeds from sale of AFS securities

 
2,078

Proceeds from the redemption of FHLB stock
102,554

 
195,246

Purchase of FHLB stock
(97,270
)
 
(185,871
)
Net change in loans receivable
5,533

 
(61,681
)
Purchase of premises and equipment
(8,846
)
 
(7,062
)
Proceeds from sale of other real estate owned ("OREO")
1,624

 
2,161

Net cash provided by (used in) investing activities
90,439

 
(42,176
)
 
 
 
 
 
 
 
(Continued)


8


CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
 
 
 
For the Nine Months Ended
 
June 30,
 
2019
 
2018
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Cash dividends paid
(123,216
)
 
(106,882
)
Net change in deposits
(22,483
)
 
13,215

Proceeds from borrowings
3,043,700

 
14,900,100

Repayments on borrowings
(3,088,752
)
 
(15,000,100
)
Change in advance payments by borrowers for taxes and insurance
(25,495
)
 
(24,049
)
Stock options exercised
1,347

 
249

Net cash used in financing activities
(214,899
)
 
(217,467
)
 
 
 
 
NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS
(68,934
)
 
(169,581
)
 
 
 
 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS:
 
 
Beginning of period
139,055

 
351,659

End of period
$
70,121

 
$
182,078

 
 
 
 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
 
 
Loans transferred to LHFS
$

 
$
15,814

 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
(Concluded)


9


Notes to Consolidated Financial Statements (Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The consolidated financial statements include the accounts of Capitol Federal® Financial, Inc. (the "Company") and its wholly-owned subsidiary, Capitol Federal Savings Bank (the "Bank"). The Bank has two wholly-owned subsidiaries, Capitol Funds, Inc. and Capital City Investments, Inc. Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company. Capital City Investments, Inc. is a real estate and investment holding company. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018, filed with the Securities and Exchange Commission ("SEC"). Interim results are not necessarily indicative of results for a full year.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Cash, cash equivalents, restricted cash and restricted cash equivalents reported in the statement of cash flows include cash and cash equivalents of $43.1 million and $139.1 million at June 30, 2019 and September 30, 2018 and restricted cash and cash equivalents of $27.0 million at June 30, 2019, which was included in other assets on the consolidated balance sheet.  There was no restricted cash and cash equivalents at September 30, 2018.  The restricted cash and cash equivalents relate to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps.  See additional discussion regarding the interest rate swaps in Note 5. Borrowed Funds.

Net Presentation of Cash Flows Related to Borrowings - At times, the Bank enters into certain FHLB advances with contractual maturities of 90 days or less. Cash flows related to these advances are reported on a net basis in the consolidated statements of cash flows.

Recent Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers. The ASU, as amended, implements a common revenue standard that clarifies the principles for recognizing revenue included in Accounting Standards Codification ("ASC") Topic 606. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The majority of the Company's revenue is composed of interest income from loans and securities which are explicitly excluded from the amended ASU. The Company elected to implement the amended ASU using the modified retrospective application with a cumulative adjustment to opening retained earnings at October 1, 2018. Upon adoption of the amended ASU, the Company recorded a cumulative adjustment, which increased opening retained earnings by $394 thousand related to contracts that were not complete upon adoption. The amount was related to the change in the recognition of revenue related to certain insurance commissions. Additionally, effective October 1, 2018, interchange network charges are reported as a reduction in deposit service fees. Previously, these charges were reported as expense in deposit and loan transaction costs in the consolidated statements of income. The Company concluded the ASU did not significantly change the Company's revenue recognition methods. This ASU did not have a material impact on the Company's consolidated financial condition or results of operations at the time of adoption. The new disclosure requirements of the ASU are included in Note 8. Revenue Recognition.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU supersedes certain accounting guidance related to equity securities with readily determinable fair values and the related impairment assessment. An entity's equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this ASU. The ASU requires public business entities to utilize the exit price notion when determining fair value for financial instruments measured at amortized cost on the balance sheet. The ASU also requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the notes to the financial statements. ASU 2016-01 became effective for the Company on October 1, 2018. The adoption of this ASU did not have a material impact on the Company's consolidated financial condition or results of operations. The new disclosure requirements of the ASU are included in Note 6. Fair Value of Financial Instruments.

In February 2016, the FASB issued ASU 2016-02, Leases. The ASU, as amended, revises lease accounting guidance by requiring that lessees recognize the assets and liabilities arising from leases on the balance sheet. Additionally, the ASU requires entities to disclose both quantitative and qualitative information regarding their leasing activities. The accounting applied by a lessor is largely unchanged from that applied under the previous guidance. ASU 2016-02 will become effective for the Company on October 1, 2019. In July 2018, the FASB issued ASU 2018-11, Leases, which provides entities with relief from the costs of implementation by allowing the option to not restate comparative periods as part of the transition. The Company expects to select the transition relief provisions.

10


The Company has completed its development of a lease inventory and an internal lease data collection, organization, and computing platform for compliance with this ASU. The Company is continuing to evaluate the impact this ASU may have on the Company's consolidated financial condition and results of operations. The Company expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of the minimum commitments under non-cancellable leases as of the date of adoption. The Company is continuing to evaluate the impact this ASU may have to the Company's disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. The ASU, as amended, replaces the incurred loss impairment methodology in current GAAP, which requires credit losses to be recognized when it is probable that a loss has been incurred, with a new impairment methodology. The new impairment methodology requires an entity to measure, at each reporting date, the expected credit losses of financial assets not measured at fair value, such as loans, HTM debt securities, and loan commitments, over their contractual lives. Under the new impairment methodology, expected credit losses will be measured at each reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Additionally, the ASU amends the current credit loss measurements for AFS debt securities. Credit losses related to AFS debt securities will be recorded through the ACL rather than as a direct write-down as per current GAAP. The ASU also requires enhanced disclosures related to credit quality and significant estimates and judgments used by management when estimating credit losses. The ASU will become effective for the Company on October 1, 2020. The Company continues to work with a software provider on the application and implementation of the new accounting guidance. The integration of the Company's data with the software provider is substantially complete. During the remainder of calendar year 2019, the Company will be working with the software provider on such items as data review, model development and documentation, and economic forecasting process development and documentation. While we are currently unable to reasonably estimate the impact of adopting this ASU, we expect the impact of adoption will be influenced by the composition of our loan and securities portfolios as well as the economic conditions and forecasts at the time of adoption.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (a consensus of the FASB Emerging Issues Task Force). The ASU addresses diversity in the classification and presentation of changes in restricted cash and cash equivalents on the statement of cash flows. The ASU requires that amounts described as restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending amounts presented on the statement of cash flows, requires disclosures on the nature of restrictions on cash and cash equivalents, and the amount and financial statement line presentation of restricted cash and cash equivalents. The Company adopted this ASU on October 1, 2018 and it did not have a material impact on the Company's consolidated financial condition or results of operations at the time of adoption.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The ASU amends the hedge accounting recognition and presentation requirements in current GAAP. The purpose of the ASU was to improve transparency of hedging relationships in the financial statements and to reduce the complexity of applying hedge accounting for preparers. The ASU will become effective for the Company on October 1, 2019. The Company is currently evaluating the effect of the ASU on the Company's consolidated financial condition, results of operations and disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosures Requirements for Fair Value Measurement. This ASU eliminates, modifies and adds certain disclosure requirements for fair value measurements. The ASU adds disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The effective date of this ASU for the Company is October 1, 2020, with early adoption permitted. Entities are allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. Since this ASU only requires disclosure changes, it will not have a significant impact on the Company's consolidated financial condition and results of operations.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include internal-use software license). The effective date of this ASU for the Company is October 1, 2020, with early adoption permitted. The Company is currently evaluating the effect of the ASU on the Company's consolidated financial condition, results of operations and disclosures.


11


2. EARNINGS PER SHARE
Shares acquired by the ESOP are not included in basic average shares outstanding until the shares are committed for allocation or vested to an employee's individual account. Unvested shares awarded pursuant to the Company's restricted stock benefit plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security.
 
For the Three Months Ended
 
For the Nine Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands, except per share amounts)
Net income
$
22,897

 
$
22,372

 
$
71,834

 
$
77,538

Income allocated to participating securities
(16
)
 
(9
)
 
(35
)
 
(32
)
Net income available to common stockholders
$
22,881

 
$
22,363

 
$
71,799

 
$
77,506

 
 
 
 
 
 
 
 
Average common shares outstanding
137,637,428

 
134,401,188

 
137,593,497

 
134,386,678

Average committed ESOP shares outstanding
83,052

 
83,052

 
41,602

 
41,602

Total basic average common shares outstanding
137,720,480

 
134,484,240

 
137,635,099

 
134,428,280

 
 
 
 
 
 
 
 
Effect of dilutive stock options
67,048

 
45,713

 
55,335

 
62,275

 
 
 
 
 
 
 
 
Total diluted average common shares outstanding
137,787,528

 
134,529,953

 
137,690,434

 
134,490,555

 
 
 
 
 
 
 
 
Net EPS:
 
 
 
 
 
 
 
Basic
$
0.17

 
$
0.17

 
$
0.52

 
$
0.58

Diluted
$
0.17

 
$
0.17

 
$
0.52

 
$
0.58

 
 
 
 
 
 
 
 
Antidilutive stock options, excluded from the diluted average
 
 
 
 
 
 
common shares outstanding calculation
457,486

 
578,777

 
491,669

 
541,493




12


3. SECURITIES
The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS and HTM securities at the dates presented. The majority of the MBS and investment securities portfolios are composed of securities issued by United States government-sponsored enterprises ("GSEs").
 
June 30, 2019
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Cost
 
Gains
 
Losses
 
Value
 
(Dollars in thousands)
AFS:
 
 
 
 
 
 
 
MBS
$
502,286

 
$
10,164

 
$
84

 
$
512,366

GSE debentures
252,795

 
417

 
330

 
252,882

Municipal bonds
4,140

 
6

 
1

 
4,145

 
$
759,221

 
$
10,587

 
$
415

 
$
769,393

HTM:
 
 
 
 
 
 
 
MBS
$
466,890

 
$
5,727

 
$
3,038

 
$
469,579

Municipal bonds
16,968

 
45

 
2

 
17,011

 
$
483,858

 
$
5,772

 
$
3,040

 
$
486,590


 
September 30, 2018
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Cost
 
Gains
 
Losses
 
Value
 
(Dollars in thousands)
AFS:
 
 
 
 
 
 
 
MBS
$
445,883

 
$
3,270

 
$
4,063

 
$
445,090

GSE debentures
268,525

 
30

 
3,157

 
265,398

Municipal bonds
4,156

 

 
30

 
4,126