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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2016

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.

	June 30, 2016
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	101,885			$	—			$	—			$	101,885
Obligations of U.S. government	—				249,053				—				249,053
Obligations of states and political subdivisions	—				27,488				—				27,488
Corporate debt securities	—				460,399				—				460,399
Mortgage-backed securities
Agency pass-through certificates	—				1,046,506				—				1,046,506
Commercial MBS	—				84,538				—				84,538
Total available-for-sale securities	101,885				1,867,984				—				1,969,869
Interest rate contracts	—				22,085				—				22,085
Total financial assets	$	101,885			$	1,890,069			$	—			$	1,991,954
Financial Liabilities
Interest rate contracts	$	—			$	22,085			$	—			$	22,085
Commercial loan hedge	—				3,394				—				3,394
Long term borrowing hedge	—				35,533				—				35,533
Total financial liabilities	$	—			$	61,012			$	—			$	61,012

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the nine months ended June 30, 2016.

	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
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 June 30, 2016 and June 30, 2015, and the total gains (losses) resulting from those fair value adjustments for the nine months ended June 30, 2016 and June 30, 2015. The estimated fair value measurements are shown gross of estimated selling costs.

	June 30, 2016																Three Months Ended June 30, 2016				Nine Months Ended June 30, 2016
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	15,724			$	15,724			$	(692	)		$	(3,762	)
Real estate owned (2)	—				—				19,853				19,853				(614		)		(2,944		)
Balance at end of period	$	—			$	—			$	35,577			$	35,577			$	(1,306	)		$	(6,706	)

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

(2) The gains (losses) represent aggregate writedowns and charge-offs on REO.

	June 30, 2015																Three Months Ended June 30, 2015				Nine Months Ended June 30, 2015
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	6,735			$	6,735			$	(3,621	)		$	(4,201	)
Real estate owned (2)	—				—				73,781				73,781				(2,366		)		8,403
Balance at end of period	$	—			$	—			$	80,516			$	80,516			$	(5,987	)		$	4,202

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

(2) The gains (losses) represent aggregate writedowns and charge-offs on REO.

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, 2016								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		$	530,055			$	530,055			$	284,049			$	284,049
Available-for-sale securities
Equity securities		1		101,885				101,885				101,952				101,952
Obligations of U.S. government		2		249,053				249,053				482,464				482,464
Obligations of states and political subdivisions		2		27,488				27,488				27,123				27,123
Corporate debt securities		2		460,399				460,399				505,800				505,800
Mortgage-backed securities
Agency pass-through certificates		2		1,046,506				1,046,506				1,160,518				1,160,518
Commercial MBS		2		84,538				84,538				102,706				102,706
Total available-for-sale securities				1,969,869				1,969,869				2,380,563				2,380,563
Held-to-maturity securities		2
Mortgage-backed securities
Agency pass-through certificates		2		1,492,480				1,512,666				1,643,216				1,637,420
Total held-to-maturity securities				1,492,480				1,512,666				1,643,216				1,637,420
Loans receivable		3		9,628,576				10,206,509				9,170,634				9,667,750
FDIC indemnification asset		3		13,250				12,633				16,275				15,522
FHLB and FRB stock		2		117,205				117,205				107,198				107,198
Other assets - interest rate contracts		2		22,085				22,085				11,879				11,879
Financial liabilities
Customer accounts		2		10,578,916				10,182,610				10,631,703				10,004,290
FHLB advances		2		2,080,000				2,211,686				1,830,000				1,938,384
Other liabilities - interest rate contracts		2		22,085				22,085				11,879				11,879
Other liabilities - commercial loan hedge		2		3,394				3,394				966				966
Other liabilities - long term borrowing hedge		2		35,533				35,533				14,555				14,555

The following table presents the fair value and balance sheet classification of derivatives at June 30, 2016 and September 30, 2015:

		Asset Derivatives												Liability Derivatives
		June 30, 2016						September 30, 2015						June 30, 2016						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		$	22,085			Other assets		$	11,879			Other liabilities		$	22,085			Other liabilities		$	11,879
Commercial loan hedge		Other assets		—				Other assets		—				Other liabilities		3,394				Other liabilities		966
Long term borrowing hedge		Other assets		—				Other assets		—				Other liabilities		35,533				Other liabilities		14,555
				$	22,085					$	11,879					$	61,012					$	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.

	June 30, 2016
	Amortized Cost				Gross Unrealized								Fair Value				Yield
					Gains				Losses
	(In thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year	$	25,980			$	—			$	(65	)		$	25,915			0.73	%
1 to 5 years	$	13,268			$	1,273			$	(23	)		$	14,518			7.49	%
5 to 10 years	49,174				—				(1,526		)		47,648				1.06
Over 10 years	165,032				—				(4,060		)		160,972				1.14
Equity Securities
Within 1 year	500				22				—				522				1.80
1 to 5 years	99,922				1,441				—				101,363				1.90
Corporate bonds due
Within 1 year	250,000				263				—				250,263				1.07
1 to 5 years	71,540				148				(106		)		71,582				1.97
5 to 10 years	89,954				518				(2,793		)		87,679				2.02
Over 10 years	50,000				875				—				50,875				3.00
Municipal bonds due
1 to 5 years	2,307				18				—				2,325				1.23
5 to 10 years	1,327				65				—				1,392				2.05
Over 10 years	20,367				3,404				—				23,771				6.45
Mortgage-backed securities
Agency pass-through certificates	1,033,736				16,277				(3,507		)		1,046,506				2.58
Commercial MBS	86,057				—				(1,519		)		84,538				1.79
	1,959,164				24,304				(13,599		)		1,969,869				2.17
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,492,480				20,764				(578		)		1,512,666				3.18
	$	3,451,644			$	45,068			$	(14,177	)		$	3,482,535			2.60	%

	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
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 June 30, 2016 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.

June 30, 2016	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	$	(512	)		$	19,442			$	(2,387	)		$	57,613			$	(2,899	)		$	77,055
U.S. government and agency securities due	(3,199		)		122,397				(2,475		)		116,082				(5,674		)		238,479
Agency pass-through certificates	(1,911		)		371,804				(3,693		)		385,416				(5,604		)		757,220
	$	(5,622	)		$	513,643			$	(8,555	)		$	559,111			$	(14,177	)		$	1,072,754

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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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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