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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following tables present the balance of assets and liabilities measured at fair value on a recurring basis.

	December 31, 2015
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	101,558			—				—				$	101,558
Obligations of U.S. government	—				425,814				—				425,814
Obligations of states and political subdivisions	—				27,232				—				27,232
Corporate debt securities	—				505,406				—				505,406
Mortgage-backed securities													—
Agency pass-through certificates	—				1,149,087				—				1,149,087
Other Commercial MBS	—				95,691				—				95,691
Total available-for-sale securities	101,558				2,203,230				—				2,304,788
Interest rate contracts	—				9,656				—				9,656
Total financial assets	$	101,558			$	2,212,886			$	—			$	2,314,444
Financial Liabilities
Interest rate contracts	$	—			$	9,656			$	—			$	9,656
Commercial loan hedge	—				565				—				565
Long term borrowing hedge	—				11,759				—				11,759
Total financial liabilities	$	—			$	21,980			$	—			$	21,980

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the quarter ended December 31, 2015.

	September 30, 2015
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	101,952			—				—				$	101,952
Obligations of U.S. government	—				482,464				—				482,464
Obligations of states and political subdivisions	—				27,123				—				27,123
Corporate debt securities	—				505,800				—				505,800
Mortgage-backed securities													—
Agency pass-through certificates	—				1,160,518				—				1,160,518
Other Commercial MBS	—				102,706				—				102,706
Total available-for-sale securities	101,952				2,278,611				—				2,380,563
Interest rate contracts	—				11,879				—				11,879
Total financial assets	$	101,952			$	2,290,490			$	—			$	2,392,442
Financial Liabilities
Interest rate contracts	$	—			$	11,879			$	—			$	11,879
Commercial loan hedge	—				966				—				966
Long term borrowing hedge	—				14,555				—				14,555
Total financial liabilities	$	—			$	27,400			$	—			$	27,400

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 fair value on a nonrecurring basis at December 31, 2015 and December 31, 2014, and the total losses (gains) resulting from those fair value adjustments for the three months ended December 31, 2015 and December 31, 2014. The estimated fair value measurements are shown gross of estimated selling costs.

	Three Months Ended December 31, 2015
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	8,524			$	8,524			$	(1,681	)
Real estate owned (2)	—				—				7,145				7,145				(1,755		)
Balance at end of period	$	—			$	—			$	15,669			$	15,669			$	(3,436	)

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

(2) The gains (losses) represent aggregate writedowns and charge-offs on real estate held for sale.

	Three Months Ended December 31, 2014
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	146			$	146			$	(64	)
Real estate owned (2)	—				—				37,942				37,942				8,237
Balance at end of period	$	—			$	—			$	38,088			$	38,088			$	8,173

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

(2) The gains (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, 2015								September 30, 2015
		Level in Fair Value Hierarchy		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
				(In thousands)
Financial assets
Cash and cash equivalents		1		$	305,959			$	305,959			$	284,049			$	284,049
Available-for-sale securities
Equity securities		1		101,558				101,558				101,952				101,952
Obligations of U.S. government		2		425,814				425,814				482,464				482,464
Obligations of states and political subdivisions		2		27,232				27,232				27,123				27,123
Corporate debt securities		2		505,406				505,406				505,800				505,800
Mortgage-backed securities
Agency pass-through certificates		2		1,149,087				1,149,087				1,160,518				1,160,518
Other commercial MBS		2		95,691				95,691				102,706				102,706
Total available-for-sale securities				2,304,788				2,304,788				2,380,563				2,380,563
Held-to-maturity securities		2
Mortgage-backed securities
Agency pass-through certificates		2		1,598,370				1,571,288				1,643,216				1,637,420
Total held-to-maturity securities				1,598,370				1,571,288				1,643,216				1,637,420
Loans receivable		3		9,402,730				9,901,403				9,170,634				9,667,750
FDIC indemnification asset		3		14,076				13,271				16,275				15,522
FHLB and FRB stock		2		111,107				111,107				107,198				107,198
Other assets - interest rate contracts		2		9,656				9,656				11,879				11,879
Financial liabilities
Customer accounts		2		10,651,119				9,920,280				10,631,703				10,004,290
FHLB advances		2		1,928,000				2,012,603				1,830,000				1,938,384
Other liabilities - interest rate contracts		2		9,656				9,656				11,879				11,879
Other liabilities - commercial loan hedge		2		565				565				966				966
Other liabilities - long term borrowing hedge		2		11,759				11,759				14,555				14,555

The following table presents the fair value and balance sheet classification of derivatives at December 31, 2015 and September 30, 2015:

		Asset Derivatives												Liability Derivatives
		December 31, 2015						September 30, 2015						December 31, 2015						September 30, 2015
		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		$	9,656			Other assets		$	11,879			Other liabilities		$	9,656			Other liabilities		$	11,879
Commercial loan hedge		Other assets		—				Other assets		—				Other liabilities		565				Other liabilities		966
Long term borrowing hedge		Other assets		—				Other assets		—				Other liabilities		11,759				Other liabilities		14,555
				$	9,656					$	11,879					$	21,980					$	27,400

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.

	December 31, 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	$	99,907			$	1,600			$	(593	)		$	100,914			1.89	%
5 to 10 years	76,604				—				(1,852		)		74,752				1.35
Over 10 years	254,886				100				(4,838		)		250,148				1.34
Equity Securities
Within 1 year	500				11				—				511				1.80
1 to 5 years	99,922				1,124				—				101,046				1.90
5 to 10 years	—				—				—				—				—
Corporate bonds due
Within 1 year	24,872				103				—				24,975				0.57
1 to 5 years	341,470				839				(108		)		342,201				1.20
5 to 10 years	89,952				558				(3,030		)		87,480				1.80
Over 10 years	50,000				750				—				50,750				3.00
Municipal bonds due
1 to 5 years	2,292				3				—				2,295				1.23
5 to 10 years	1,311				18				—				1,329				2.05
Over 10 years	20,377				3,230				—				23,607				6.45
Mortgage-backed securities
Agency pass-through certificates	1,141,558				11,636				(4,105		)		1,149,089				2.56
Other Commercial MBS	96,383				18				(710		)		95,691				1.58
	2,300,034				19,990				(15,236		)		2,304,788				2.07
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,598,370				5,638				(32,719		)		1,571,289				3.19
	$	3,898,404			$	25,628			$	(47,955	)		$	3,876,077			2.53	%

	September 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	$	105,065			$	1,923			$	(274	)		$	106,714			1.74	%
5 to 10 years	119,071				35				(1,247		)		117,859				1.54
Over 10 years	262,832				—				(4,941		)		257,891				1.23
Equity Securities
Within 1 year	500				17				—				517				1.80
1 to 5 years	99,922				1,513				—				101,435				1.90
Corporate bonds due
Within 1 year	24,787				191				—				24,978				0.53
1 to 5 years	311,435				1,190				(58		)		312,567				0.88
5 to 10 years	100,000				876				(3,524		)		97,352				1.47
Over 10 years	69,950				953				—				70,903				3.00
Municipal bonds due
1 to 5 years	2,285				8				—				2,293				1.23
5 to 10 years	1,303				7				—				1,310				2.05
Over 10 years	20,382				3,138				—				23,520				6.45
Mortgage-backed securities
Agency pass-through certificates	1,144,787				18,222				(2,491		)		1,160,518				2.48
Other Commercial MBS	103,131				85				(510		)		102,706				1.51
	2,365,450				28,158				(13,045		)		2,380,563				1.97
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,643,216				10,516				(16,312		)		1,637,420				3.19
	$	4,008,666			$	38,674			$	(29,357	)		$	4,017,983			2.46	%

Schedule of Unrealized Losses and Fair Value of Securities

The following tables show the unrealized gross losses and fair value of securities as of December 31, 2015 and September 30, 2015, 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, 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	$	(108	)		$	32,986			$	(3,030	)		$	46,970			$	(3,138	)		$	79,956
U.S. government and agency securities due	(5,062		)		243,329				(2,221		)		109,611				(7,283		)		352,940
Agency pass-through certificates	(3,181		)		636,155				(34,354		)		1,266,121				(37,535		)		1,902,276
	$	(8,351	)		$	912,470			$	(39,605	)		$	1,422,702			$	(47,956	)		$	2,335,172

September 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	$	(183	)		$	72,862			$	(3,399	)		$	46,601			$	(3,582	)		$	119,463
U.S. government and agency securities due	(5,010		)		336,243				(1,452		)		57,344				(6,462		)		393,587
Agency pass-through certificates	(1,036		)		169,541				(18,277		)		1,193,463				(19,313		)		1,363,004
	$	(6,229	)		$	578,646			$	(23,128	)		$	1,297,408			$	(29,357	)		$	1,876,054

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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).

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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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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