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Fair Value Measurements (Tables) | 3 Months Ended
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Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Fair Value of Assets Measured on Recurring Basis | The following tables present the balance of assets measured at fair value on a recurring basis at December 31, 2014 and September 30, 2014:
| Fair Value at December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Available-for-sale securities |  |  |  |  |  |  |
Equity securities | $ | 101,636 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,636 |
Obligations of U.S. government | — |  |  | 620,018 |  |  | — |  |  | 620,018 |
Obligations of states and political subdivisions | — |  |  | 24,068 |  |  | — |  |  | 24,068 |
Corporate debt securities | — |  |  | 527,938 |  |  | — |  |  | 527,938 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency pass-through certificates | — |  |  | 1,527,810 |  |  | — |  |  | 1,527,810 |
Other commercial MBS | — |  |  | 93,586 |  |  | — |  |  | 93,586 |
Balance at end of period | $ | 101,636 |  |  | $ | 2,793,420 |  |  | $ | — |  |  | $ | 2,895,056 |
There were no transfers between, into and/or out of Levels 1, 2 or 3 during the quarter ended December 31, 2014.
| Fair Value at September 30, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Available-for-sale securities |  |  |  |  |  |  |
Equity securities | $ | 101,387 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,387 |
Obligations of U.S. government | — |  |  | 731,943 |  |  | — |  |  | 731,943 |
Obligations of states and political subdivisions | — |  |  | 23,681 |  |  | — |  |  | 23,681 |
Corporate debt securities | — |  |  | 509,007 |  |  | — |  |  | 509,007 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency pass-through certificates | — |  |  | 1,584,508 |  |  | — |  |  | 1,584,508 |
Other commercial MBS | — |  |  | 98,916 |  |  | — |  |  | 98,916 |
Balance at end of period | $ | 101,387 |  |  | $ | 2,948,055 |  |  | $ | — |  |  | $ | 3,049,442 |
Aggregated Balance of Assets Measured at Estimated Fair Value on a Nonrecurring Basis and Total Losses Resulting from Those Fair Value Adjustments | The following tables present the aggregated balance of assets measured at estimated fair value on a nonrecurring basis through the three months ended December 31, 2014 and December 31, 2013, and the total losses (gains) resulting from those fair value adjustments for the quarters ended December 31, 2014 and December 31, 2013. These estimated fair values are shown gross of estimated selling costs.
| Through December 31, 2014 |  | Quarter Ended December 31, 2014 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Losses (Gains)
| (In thousands) |
Impaired loans (1) | $ | — |  |  | $ | — |  |  | $ | 146 |  |  | $ | 146 |  |  | $ | 64 |  |
Covered REO (1) | — |  |  | — |  |  | 1,041 |  |  | 1,041 |  |  | 75 |  |
Real estate held for sale (2) | — |  |  | — |  |  | 36,901 |  |  | 36,901 |  |  | (8,312 | ) |
Balance at end of period | $ | — |  |  | $ | — |  |  | $ | 38,088 |  |  | $ | 38,088 |  |  | $ | (8,173 | ) |
(1) | The losses represent remeasurements of collateral-dependent loans.
(2) | The gains in this period include a one-time correction of $8.2 million (see Note A for description).
| Through December 31, 2013 |  | Quarter Ended December 31, 2013 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Losses (Gains) |
| (In thousands) |
Impaired loans (1) | $ | — |  |  | $ | — |  |  | $ | 5,580 |  |  | $ | 5,580 |  |  | $ | (805 | ) |
Covered REO (2) | — |  |  | — |  |  | 1,286 |  |  | 1,286 |  |  | 65 |  |
Real estate held for sale (2) | — |  |  | — |  |  | 10,342 |  |  | 10,342 |  |  | 3,725 |  |
Balance at end of period | $ | — |  |  | $ | — |  |  | $ | 17,208 |  |  | $ | 17,208 |  |  | $ | 2,985 |  |
(1) | The gains represent remeasurements of collateral-dependent loans.
(2) | The losses represent aggregate writedowns and charge-offs on real estate held for sale.
Fair Value of Financial Instruments by Balance Sheet Grouping | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.
|  |  |  | December 31, 2014 |  | September 30, 2014
|  | Level in Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
|  |  |  | (In thousands)
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 542,769 |  |  | $ | 542,769 |  |  | $ | 781,843 |  |  | $ | 781,843 |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |
Equity securities |  | 1 |  | 101,636 |  |  | 101,636 |  |  | 101,387 |  |  | 101,387 |
Obligations of U.S. government |  | 2 |  | 620,018 |  |  | 620,018 |  |  | 731,943 |  |  | 731,943 |
Obligations of states and political subdivisions |  | 2 |  | 24,068 |  |  | 24,068 |  |  | 23,681 |  |  | 23,681 |
Corporate debt securities |  | 2 |  | 527,938 |  |  | 527,938 |  |  | 509,007 |  |  | 509,007 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Agency pass-through certificates |  | 2 |  | 1,527,810 |  |  | 1,527,810 |  |  | 1,584,508 |  |  | 1,584,508 |
Other commercial MBS |  | 2 |  | 93,586 |  |  | 93,586 |  |  | 98,916 |  |  | 98,916 |
Total available-for-sale securities |  |  |  | 2,895,056 |  |  | 2,895,056 |  |  | 3,049,442 |  |  | 3,049,442 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Agency pass-through certificates |  | 2 |  | 1,516,219 |  |  | 1,503,781 |  |  | 1,548,265 |  |  | 1,499,218 |
Total held-to-maturity securities |  |  |  | 1,516,219 |  |  | 1,503,781 |  |  | 1,548,265 |  |  | 1,499,218 |
Loans receivable, net |  | 3 |  | 8,253,917 |  |  | 8,816,245 |  |  | 8,148,322 |  |  | 8,667,771 |
Covered loans, net |  | 3 |  | 161,478 |  |  | 167,129 |  |  | 176,476 |  |  | 176,761 |
FDIC indemnification asset |  | 3 |  | 30,356 |  |  | 29,559 |  |  | 36,860 |  |  | 35,976 |
FHLB and FRB stock |  | 2 |  | 154,870 |  |  | 154,870 |  |  | 158,839 |  |  | 158,839 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Customer accounts |  | 2 |  | 10,578,853 |  |  | 9,936,221 |  |  | 10,716,928 |  |  | 9,946,586 |
FHLB advances |  | 2 |  | 1,830,000 |  |  | 1,953,751 |  |  | 1,930,000 |  |  | 2,054,437 |
Off balance sheet - interest rate swaps |  | 2 |  | — |  |  | (4,517 | ) |  | — |  |  | (170 | )
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities as of December 31, 2014 and September 30, 2014:
| December 31, 2014
| Amortized Cost |  | Gross Unrealized |  | Fair Value |  | Yield
| Gains |  | Losses |
| (In thousands)
Available-for-sale securities |  |  |  |  |  |  |  |  |
U.S. government and agency securities due |  |  |  |  |  |  |  |  |
1 to 5 years | $ | 120,467 |  |  | $ | 2,396 |  |  | $ | (426 | ) |  | $ | 122,437 |  |  | 1.47 |
5 to 10 years | 153,525 |  |  | 64 |  |  | (5 | ) |  | 153,584 |  |  | 1.12 |
Over 10 years | 344,088 |  |  | 336 |  |  | (427 | ) |  | 343,997 |  |  | 1.26 |
Equity Securities |  |  |  |  |  |  |  |  |
Within 1 year | 500 |  |  | 16 |  |  | — |  |  | 516 |  |  | 1.80 |
1 to 5 years | 100,000 |  |  | 1,120 |  |  | — |  |  | 101,120 |  |  | 1.90 |
5 to 10 years | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds due |  |  |  |  |  |  |  |  |
Within 1 year | 15,000 |  |  | 67 |  |  | — |  |  | 15,067 |  |  | 1.00 |
1 to 5 years | 302,627 |  |  | 1,524 |  |  | (6 | ) |  | 304,145 |  |  | 0.71 |
5 to 10 years | 158,236 |  |  | 1,787 |  |  | (1,297 | ) |  | 158,726 |  |  | 1.42 |
Over 10 years | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 3.00 |
Municipal bonds due |  |  |  |  |  |  |  |  |
Over 10 years | 20,397 |  |  | 3,671 |  |  | — |  |  | 24,068 |  |  | 6.45 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,495,114 |  |  | 34,386 |  |  | (1,690 | ) |  | 1,527,810 |  |  | 2.57 |
Other commercial MBS | 93,533 |  |  | 53 |  |  | — |  |  | 93,586 |  |  | 1.51 |
| 2,853,487 |  |  | 45,420 |  |  | (3,851 | ) |  | 2,895,056 |  |  | 1.99 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,516,219 |  |  | 9,084 |  |  | (21,522 | ) |  | 1,503,781 |  |  | 3.13 |
| $ | 4,369,706 |  |  | $ | 54,504 |  |  | $ | (25,373 | ) |  | $ | 4,398,837 |  |  | 2.39 | %
| September 30, 2014
| Amortized Cost |  | Gross Unrealized |  | Fair Value |  | Yield
| Gains | Losses |
| (In thousands)
Available-for-sale securities |  |  |  |  |  |  |  |  |
U.S. government and agency securities due |  |  |  |  |  |  |  |  |
1 to 5 years | $ | 171,154 |  |  | $ | 2,585 |  |  | $ | (748 | ) |  | $ | 172,991 |  |  | 1.26 |
5 to 10 years | 203,317 |  |  | 300 |  |  | (102 | ) |  | 203,515 |  |  | 1.45 |
Over 10 years | 354,828 |  |  | 1,028 |  |  | (419 | ) |  | 355,437 |  |  | 1.25 |
Equity Securities |  |  |  |  |  |  |  |  |
1 to 5 years | 100,500 |  |  | 887 |  |  | — |  |  | 101,387 |  |  | 1.90 |
5 to 10 years | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds due |  |  |  |  |  |  |  |  |
Within 1 year | 15,000 |  |  | 75 |  |  | — |  |  | 15,075 |  |  | 1.00 |
1 to 5 years | 302,540 |  |  | 2,372 |  |  | — |  |  | 304,912 |  |  | 0.71 |
5 to 10 years | 138,201 |  |  | 1,789 |  |  | (970 | ) |  | 139,020 |  |  | 1.43 |
Over 10 years | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 3.00 |
Municipal bonds due |  |  |  |  |  |  |  |  |
Over 10 years | 20,402 |  |  | 3,279 |  |  | — |  |  | 23,681 |  |  | 6.45 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,561,639 |  |  | 24,893 |  |  | (2,024 | ) |  | 1,584,508 |  |  | 2.57 |
Other commercial MBS | 98,851 |  |  | 65 |  |  | — |  |  | 98,916 |  |  | 1.49 |
| 3,016,432 |  |  | 37,273 |  |  | (4,263 | ) |  | 3,049,442 |  |  | 1.99 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,548,265 |  |  | 4,855 |  |  | (53,902 | ) |  | 1,499,218 |  |  | 3.13 |
| $ | 4,564,697 |  |  | $ | 42,128 |  |  | $ | (58,165 | ) |  | $ | 4,548,660 |  |  | 2.38 | %
Schedule of Unrealized Losses and Fair Value of Securities | The following tables show the unrealized gross losses and fair value of securities at December 31, 2014 and September 30, 2014, by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired.
December 31, 2014 | Less than 12 months |  | 12 months or more |  | Total
| Unrealized Gross Losses |  | Fair Value |  | Unrealized Gross Losses |  | Fair Value |  | Unrealized Gross Losses |  | Fair Value
| (In thousands) |  |
Corporate bonds due | $ | (406 | ) |  | $ | 72,688 |  |  | $ | (897 | ) |  | $ | 24,104 |  |  | $ | (1,303 | ) |  | $ | 96,792 |
U.S. government and agency securities due | (422 | ) |  | 246,045 |  |  | (436 | ) |  | 99,564 |  |  | (858 | ) |  | 345,609 |
Agency pass-through certificates | (421 | ) |  | 62,689 |  |  | (22,791 | ) |  | 1,332,778 |  |  | (23,212 | ) |  | 1,395,467 |
| $ | (1,249 | ) |  | $ | 381,422 |  |  | $ | (24,124 | ) |  | $ | 1,456,446 |  |  | $ | (25,373 | ) |  | $ | 1,837,868 |
September 30, 2014 | Less than 12 months |  | 12 months or more |  | Total
| Unrealized Gross Losses |  | Fair Value |  | Unrealized Gross Losses |  | Fair Value |  | Unrealized Gross Losses |  | Fair Value
| (In thousands) |  |
Corporate bonds due | $ | (125 | ) |  | $ | 24,875 |  |  | $ | (845 | ) |  | $ | 24,155 |  |  | $ | (970 | ) |  | $ | 49,030 |
U.S. government and agency securities due | (472 | ) |  | 316,578 |  |  | (797 | ) |  | 109,354 |  |  | (1,269 | ) |  | 425,932 |
Agency pass-through certificates | (215 | ) |  | 19,212 |  |  | (55,711 | ) |  | 1,509,209 |  |  | (55,926 | ) |  | 1,528,421 |
| $ | (812 | ) |  | $ | 360,665 |  |  | $ | (57,353 | ) |  | $ | 1,642,718 |  |  | $ | (58,165 | ) |  | $ | 2,003,383 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
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