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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2015

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 June 30, 2015 and September 30, 2014:

	Fair Value at June 30, 2015
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	102,447			$	—			$	—			$	102,447
Obligations of U.S. government	—				529,472				—				529,472
Obligations of states and political subdivisions	—				27,275				—				27,275
Corporate debt securities	—				528,716				—				528,716
Agency pass-through certificates	—				1,328,852				—				1,328,852
Other Commercial MBS	—				107,612				—				107,612
Total available-for-sale securities	102,447				2,521,927				—				2,624,374
Bank owned life insurance	—				101,720				—				101,720
Interest rate contracts	—				5,429				—				5,429
Total financial assets	$	102,447			$	2,629,076			$	—			$	2,731,523
Financial Liabilities
Interest rate contracts	—				5,429				—				5,429
Long term borrowing hedge	—				3,914				—				3,914
Total financial liabilities	$	—			$	9,343			$	—			$	9,343

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the quarter ended June 30, 2015.

	Fair Value at September 30, 2014
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
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
Obligations of foreign governments	—				—				—				—
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
Total available-for-sale securities	101,387				2,948,055				—				3,049,442
Interest rate contracts	—				2,879				—				2,879
Total financial assets	$	101,387			$	2,950,934			$	—			$	3,052,321
Financial Liabilities
Interest rate contracts	—				2,879				—				2,879
Long term borrowing hedge	—				268				—				268
Total financial liabilities	$	—			$	3,147			$	—			$	3,147

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 that were measured at estimated fair value on a nonrecurring basis at June 30, 2015 and June 30, 2014, and the total losses (gains) resulting from those fair value adjustments for the quarters and nine months ended June 30, 2015 and June 30, 2014. These estimated fair values are shown gross of estimated selling costs.

	Nine Months Ended June 30, 2015																Quarter Ended June 30, 2015				Nine Months Ended June 30, 2015
	Level 1				Level  2				Level  3				Total				Total Losses (Gains)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	6,735			$	6,735			$	3,621			$	4,201
Covered REO (2)	—				—				1,950				1,950				(20		)		168
Real estate held for sale (2)	—				—				71,831				71,831				2,386				(8,571		)
Balance at end of period	$	—			$	—			$	80,516			$	80,516			$	5,987			$	(4,202	)

(1) The losses represent remeasurements of collateral-dependent loans.

(2) The (gains) losses represent net valuation adjustments on real estate held for sale.

	Nine Months Ended June 30, 2014																Quarter Ended June 30, 2014				Nine Months Ended June 30, 2014
	Level 1				Level  2				Level  3				Total				Total Losses (Gains)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	10,156			$	10,156			$	(775	)		$	(1,311	)
Covered REO (2)	—				—				8,935				8,935				374				503
Real estate held for sale (2)	—				—				43,082				43,082				10,400				16,782
Balance at end of period	$	—			$	—			$	62,173			$	62,173			$	9,999			$	15,974

(1) The gains represents remeasurements of collateral-dependent loans.

(2) The losses represent aggregate net 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.

				June 30, 2015								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		$	349,550			$	349,550			$	781,843			$	781,843
Available-for-sale securities
Equity securities		1		102,447				102,447				101,387				101,387
Obligations of U.S. government		2		529,472				529,472				731,943				731,943
Obligations of states and political subdivisions		2		27,275				27,275				23,681				23,681
Corporate debt securities		2		528,716				528,716				509,007				509,007
Mortgage-backed securities
Agency pass-through certificates		2		1,328,852				1,328,852				1,584,508				1,584,508
Other Commercial MBS		2		107,612				107,612				98,916				98,916
Total available-for-sale securities				2,624,374				2,624,374				3,049,442				3,049,442
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates		2		1,586,514				1,553,716				1,548,265				1,499,218
Total held-to-maturity securities				1,586,514				1,553,716				1,548,265				1,499,218
Loans receivable		3		8,645,609				9,175,928				8,148,322				8,667,771
Covered loans		3		77,311				81,737				176,476				176,761
FDIC indemnification asset		3		18,783				18,263				36,860				35,976
FHLB and FRB stock		2		103,189				103,189				158,839				158,839
Bank owned life insurance		2		101,720				101,720				—				—
Other assets - interest rate contracts		2		—				5,429				—				2,879
Financial liabilities
Customer accounts		2		10,578,385				9,830,817				10,716,928				9,946,586
FHLB advances		2		1,730,000				1,833,413				1,930,000				2,054,437
Other liabilities - interest rate contracts		2		—				5,429				—				2,879
Other liabilities - long term borrowing hedge		2		—				3,914				—				268

The following table presents the fair value and balance sheet classification of derivatives at June 30, 2015 and September 30, 2014:

Asset Derivatives

Liability Derivatives

June 30, 2015

September 30, 2014

June 30, 2015

September 30, 2014

Balance Sheet

Balance Sheet

Balance Sheet

Balance Sheet

Location

Fair Value

Location

Fair Value

Location

Fair Value

Location

Fair Value

(In thousands)

Interest rate contracts

Other assets

$

5,429

Other assets

$

2,879

Other liabilities

$

5,429

Other liabilities

$

2,879

Long term borrowing hedge

Other assets

—

Other assets

—

Other liabilities

3,914

Other liabilities

268

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 June 30, 2015, and September 30, 2014:

	June 30, 2015
	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	$	135,967			$	2,078			$	(460	)		$	137,585			1.43	%
5 to 10 years	75,441				149				(7		)		75,583				1.20
Over 10 years	316,929				435				(1,060		)		316,304				1.31
Equity Securities
Within 1 year	500				18				—				518				1.80
1 to 5 years	100,000				1,929				—				101,929				1.90
5 to 10 years	—				—				—				—				—
Corporate bonds due
Within 1 year	39,702				283				—				39,985				0.68
1 to 5 years	303,094				1,414				—				304,508				0.81
5 to 10 years	133,306				1,814				(1,647		)		133,473				1.54
Over 10 years	50,000				750				—				50,750				3.00
Municipal bonds due
1 to 5 years	2,278				—				(1		)		2,277				1.23
5 to 10 years	1,295				—				(14		)		1,281				2.05
Over 10 years	20,387				3,330				—				23,717				6.45
Mortgage-backed securities
Agency pass-through certificates	1,316,686				14,988				(2,822		)		1,328,852				2.58
Other Commercial MBS	107,512				151				(51		)		107,612				1.48
	2,603,097				27,339				(6,062		)		2,624,374				2.00
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,586,514				6,193				(38,991		)		1,553,716				3.16
	$	4,189,611			$	33,532			$	(45,053	)		$	4,178,090			2.43	%

	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
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
Held-to-maturity securities
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 as of June 30, 2015 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.

June 30, 2015	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	$	(1,022	)		$	23,978			$	(625	)		$	34,375			$	(1,647	)		$	58,353
Municipal bonds due	(15		)		3,558				—				—				(15		)		3,558
U.S. government and agency securities due	(558		)		140,285				(969		)		142,318				(1,527		)		282,603
Agency pass-through certificates	(1,919		)		454,980				(39,945		)		1,360,218				(41,864		)		1,815,198
	$	(3,514	)		$	622,801			$	(41,539	)		$	1,536,911			$	(45,053	)		$	2,159,712

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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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).

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